The Securities and Exchange Commission has held its first Emerging Markets Conclave with regulator heads of Brazil, China, South Africa and South Korea.

The emerging market securities leaders discussed challenges faced by growing securities markets, including balancing an effective regulatory scheme while promoting capital development.

Dialogue focused on opening communications between the countries to promote cross-border enforcement, the provision of cross-border services, and present a unified front in the wake of recent market turmoil.

SEC chairman Christopher Cox said the Conclave presented a historic opportunity for the Chairs of regulators in emerging markets to discuss working together.

'We can discuss how we can work together to protect investors, both in our own markets and abroad, and maintain a fair and stable global securities market. The discussion today allowed participants to deepen our already strong relationship in order to facilitate the increasingly high level of international cooperation that today’s interconnected markets demand,' Cox said.

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