SEC Signs Protocols to Share Information on the Application of IFRS with European Financial Regulators
 
June 2, 2008
 

On May 23, 2008, the SEC signed four protocols with financial regulators from Belgium, Bulgaria, Norway and Portugal on the application of International Financial Reporting Standards (IFRS). The protocols are consistent with the Work Plan previously agreed to between the Committee of European Securities Regulators (CESR) and the SEC.

These protocols are consistent with the SEC’s recent efforts and focus on regulatory, enforcement and supervisory cooperation between the SEC and its foreign counterparts.
Speaking about these protocols, Chairman Cox said:

"These four new international protocols add to the arrangements that the SEC has concluded within the last year alone with the College of Euronext Regulators, the German Federal Financial Supervisory Authority, the United Kingdom Financial Services Authority and the UK Financial Reporting Counsel – all aimed at enhancing regulatory, enforcement and supervisory cooperation. International arrangements of this kind are quickly becoming a cornerstone of U.S. securities regulation in today’s global marketplace. As American investors and companies increasingly demand seamless cross-border access to information and capital, the SEC is striving for seamless high-quality regulation across borders. These new avenues for cooperation and coordination represent an important step in our pursuit of that goal."

http://www.sec.gov/news/press/2008/2008-95.htm