US SEC and Korea FSC regulatory dialogue

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03 Jul 2006

The US Securities and Exchange Commission (SEC) and the Korea Financial Supervisory Commission (FSC) will address accounting and auditing standards as part of an agreed regulatory dialogue between the two agencies.

The SEC-FSC dialogue has two main objectives:
  • To improve cooperation and the exchange of information in cross-border securities enforcement matters; and
  • To identify and discuss regulatory issues of common concern.
The dialogue involves regular meetings and ad hoc information exchange at the staff level and between high-level representatives of the SEC and FSC, as well as the Korea Financial Supervisory Service (FSS), the implementing body of the FSC. Given recent developments in both the US and Korean markets, the following topics have been identified for discussion for the dialogue over the coming year:
  • cross-border cooperation and information sharing on enforcement matters;
  • accounting and auditing standards;
  • corporate governance and internal controls; and
  • approaches to regulated entities and market intermediaries.
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