Tuesday, April 15, 2008
SEC Chair Cox today issued the following statement on the Financial Stability Forum's (FSF) "Report on Enhancing Market and Institutional Resilience," which was undertaken at the request of the G-7 Finance Ministers and Central Bank Governors and delivered for their recent meeting in Washington, D.C.:
"The report by the Financial Stability Forum represents an important contribution to ongoing international discussions of these topics. It provides a backdrop for actions considered by the SEC and others to deal with the issues underlying the recent market turmoil. As the Commission prepares to write new rules for credit rating agencies under the recent authority granted us by Congress, this report will be of great value."
The SEC's press release also states that the FSF report draws heavily on the relevant work of the President's Working Group on Financial Markets, the International Organization of Securities Commissions (IOSCO), and the Senior Supervisor's Group (SSG). Chairman Cox is a principal of the President's Working Group on Financial Markets and is currently the Co-Chair of the IOSCO Task Force on the Subprime Crisis, as well as the Vice Chairman of the IOSCO Technical Committee. It also explains that the SEC, along with the Department of the Treasury and the Board of Governors of the Federal Reserve System, is a member of the Financial Stability Forum, created in 1999 to promote international financial stability through information exchange and international cooperation in financial supervision and surveillance.