CESR-SEC Dialogue

30 April 2007

CESR Chairman Eddy Wymeersch and Vice Chairman Carlos Tavares and US SEC Chairman Christopher Cox met on Friday as part of the ongoing CESR-SEC dialogue. The discussions included the progress to date on the joint work plan as agreed in August 2006 to facilitate the CESR- SEC dialogue, the possible elimination of the reconciliation requirement, as well as the current CESR work that is being done on assessing the equivalence of US GAAP.

Other issues included the mutual recognition of securities regulatory regimes, and the imminent agreement on the framework protocols covering the confidential exchange of information.

“We have made important progress in the highly important issue of IFRS an US GAAP under the existing work plan”, CESR Chairman Wymeersch said:
“The model protocol that the SEC and the Committee of European Securities Regulators finalized today will serve as a blueprint for bilateral arrangements across the continent”, SEC Chairman Christopher Cox said.

Press release

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