Financial regulators from the United States and Korea met last week and agreed to establish a dialogue to enhance the quality of regulatory discussions, foster regulatory transparency and effectively address key issues for cooperation in cross-border securities enforcement investigations.
Securities and Exchange Commission Chairman Christopher Cox and Korea Financial Supervisory Commission Chairman Yoon Jeung-Hyun met in Washington to strike an agreement similar to that made in other major markets. Those include the Committee of European Securities Regulators, the Japan Financial Services Agency and the China Securities Regulatory Commission.
"Chairman Yoon and I acknowledge the importance of promoting cross-border investor protection and converged approaches to our shared goals of protecting investors and fostering market integrity in a global context," Cox said, in a statement. "[As] cross-border investment between the United States and Korea grows, it becomes more important than ever for regulators to be equipped with the proper tools for timely communication and assistance to combat cross-border fraud and address other common regulatory concerns."
Cox and Yoon agreed to push for signing up of terms of reference to protect investors and clarify supervision when the two stock exchanges are engaged in joint investigations. The two will also regularly hold high-level official meetings.
The Korea Times also reported that Yoon met with Federal Reserve Chairman Ben Bernanke, head of the Office of Comptroller of Currency John Dugan, and deputy secretary of the Department of the Treasury Robert Kimmitt during his Washington visit.
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