RegulationAccounting StandardsSEC signs protocols on IFRS with four European countries

SEC signs protocols on IFRS with four European countries

More European countries come on board to share data under international accounting standards

Four new European countries are to receive shared information on applying
International Financial Reporting Standards from US regulator the Securities
and Exchange Commission.

The SEC signed protocols on working arrangements with Belgium, Bulgaria,
Norway and Portugal hard on the heels of ones struck with the
UK
Financial Reporting Council and the FSA
.

‘International arrangements of this kind are quickly becoming a cornerstone
of US securities regulation in today’s global marketplace,’ said SEC Chairman
Christopher Cox. ‘These new avenues for cooperation and coordination represent
an important step in our pursuit of that goal,’ he added.

The protocols are based on a model developed between the Commission and
Committee of European Securities Regulators and provide for the confidential
exchange of issuer-specific information. The Commission anticipates signing
additional protocols with other CESR member jurisdictions in the future.

‘With the proliferation of internationally active firms and the recent
interest in cross-border market affiliations, it has become evident that
arrangements for regulatory and supervisory cooperation are also becoming
critical tools for the SEC and its foreign counterparts,’ said Ethiopis Tafara,
director of the SEC’s International Affairs Office.

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