According to Chairman Cox, “Chairman Yoon and I acknowledge the importance of promoting cross-border investor protection and converged approaches to our shared goals of protecting investors and fostering market integrity in a global context. We recognize that as cross-border investment between the United States and Korea grows, it becomes more important than ever for regulators to be equipped with the proper tools for timely communication and assistance to combat cross-border fraud and address other common regulatory concerns. I hope to see the terms of reference with the FSC finalized by the end of this month.”
Ethiopis Tafara, Director of the SEC’s Office of International Affairs, noted, "This dialogue will represent the start of a new relationship between securities regulators in Korea and the United States, with important implications for both our countries. As US investors are attracted to Korean investment opportunities and Korean investors look to our markets, cross-border investment, if guarded by strong laws against fraud and converged regulatory standards that provide investors with the information they need, is a win-win situation.”
The SEC has entered into similar engagements with regulators in other major markets, including the Committee of European Securities Regulators (CESR), the Japan Financial Services Agency and the China Securities Regulatory Commission. These enhanced bilateral dialogues foster a dynamic exchange of ideas on shared regulatory objectives of enhancing cross-border protections and opportunities for investors.
