Wednesday, April 18, 2007

Speech By SEC Commissioner Roel C. Campos: Remarks Before The IOSCO Annual Conference

Good morning. At the outset, I'd like to thank M. Damodaran for being such an excellent host to this conference. In addition, it's definitely a pleasure to be part of such a distinguished panel, and I appreciate all of the work that Arthur Doctors van Leeuwen has done in organizing the topics for it. In any event, before I begin, I must remind you that the comments I make today are my own and do not reflect the opinions of the staff or the other Commissioners of the Securities and Exchange Commission.

Let me start by noting that in the nearly five years in which I've worked with IOSCO, I've never seen more interest with respect to the growing globalization of the securities markets and international securities regulation than in the last few months. Perhaps this is just an American perspective and that we're just late to the party, but I do sense that we may be approaching critical mass on some of these issues.

Of course, much of what I'm referring to does not directly involve audit or accounting standards, but rather concerns the fact that there has been increasing globalization of the securities markets. Most notable is the recent NYSE-Euronext merger, which I think will add significant pressures to the desire for seamless global securities trading and will likely bring requests from the combined entity to allow the sale of listed European securities in the U.S., and vice versa.

Labels: as5, GAAP, IFRS

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1 Comments:

: For the costly compliance effort with SOX, blame it on the major accounting firm who took advantage of the situation. They've over-blown the response to the need and at the outset raked in million sof dollars.

To the US Regulators, strengthen your muscles and your teeth to prevent the SOX fiasco from coming back.; February 17, 2008