Washington, D.C., June 27, 2006 – LAWFUEL – Law News Network – The US Securities and Exchange Commission (SEC) and the Korea Financial Supervisory Commission (FSC) today announced terms for regulatory dialogue between the two agencies.
SEC Chairman Christopher Cox and FSC Chairman Yoon Jeung-Hyun elaborated the terms establishing the structure of and agenda for an SEC-FSC dialogue. This new dialogue has two main objectives:
to improve cooperation and the exchange of information in cross-border securities enforcement matters; and
to identify and discuss regulatory issues of common concern.
The dialogue will be composed of regular meetings and ad hoc information exchange at the staff level and between high-level representatives of the SEC and FSC, as well as the Korea Financial Supervisory Service (FSS), the implementing body of the FSC.
Given recent developments in both the US and Korean markets, the following topics have been identified for discussion for the Dialogue over the coming year:
cross-border cooperation and information sharing on enforcement matters;
accounting and auditing standards;
corporate governance and internal controls; and
approaches to regulated entities and market intermediaries.
The SEC and FSC agree that this is not an exclusive list of issues to be discussed in the dialogue and that the list may be revised as new regulatory issues affecting the Korean and US markets emerge in the course of the year.