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CFTC, SEC And Japanese Financial Services Agency Sign Information Sharing Arrangement

Date 17/05/2002

The U.S. Commodity Futures Trading Commission (CFTC), the U.S. Securities and Exchange Commission (SEC), and the Japanese Financial Services Agency (FSA) jointly announced the signing of a Statement of Intent (SOI) Concerning Cooperation, Consultation and the Exchange of Information.

The SOI establishes a framework for information sharing and facilitates cooperation in cross-border investigations of potential violations of futures and securities laws. The SOI is supported by diplomatic Notes Verbale (Notes), exchanged today by the governments of the United States and Japan. The Notes provide the terms by which information obtained under the SOI can be used by each country's criminal authorities.

CFTC Chairman James E. Newsome, SEC Chairman Harvey L. Pitt, and FSA Commissioner Shoji Mori signed the SOI on behalf of their respective organizations.

CFTC Chairman Newsome said, "As the financial markets continue to expand globally, regulators cannot solely rely on their own authority to monitor financial activity and deter market abuse and fraud. We value international information sharing arrangements as effective tools supporting our regulatory and enforcement programs. The SOI and Notes signed today with the Japanese will help us to police financial activity that crosses borders, to ensure the integrity of the markets, and to enhance protection of customers in both countries."

SEC Chairman Harvey L. Pitt said, "Following September 11, the need for regulators to cooperate in protecting the integrity of securities markets has become ever more evident. As securities markets have become increasingly global, we have worked closely with the Japanese securities regulators, and the SOI represents the next step in our relationship. We are very pleased to announce today the signing of the SOI with the Japanese FSA."

FSA Commissioner Mori stated, "We are very pleased to sign the SOI today with the SEC and the CFTC. As market abuse and fraud easily cross borders in today's global financial markets, there is an ever-growing need for international co-operation among regulators. This SOI will expand and deepen Japan - U.S. regulatory co-operation, which will provide enhanced protection to investors of the world's largest financial markets."

The SOI is among the first entered into by the FSA, and reflects the strong commitment of each authority to combat cross-border fraud by providing the fullest assistance permissible under the laws of the United States and Japan.