Swiss and US regulators reach a statement of protocol agreement

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06 Apr 2011

The Swiss Federal Audit Oversight Authority and Financial Market Supervisory Authority and the Public Company Accounting Oversight Board of the United States (PCAOB) have entered into a Statement of Protocol, establishing a cooperative framework for supervisory oversight of auditors that practice in each country.

The Statement of Protocol between the regulators allows the PCAOB to commence joint inspections of accounting firms in Switzerland that audit, or participate in audits, of companies whose securities trade on U.S. markets. Also, the agreement includes provisions governing the sharing of confidential information between both regulators.

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