SEC Chairman Cox Statement on Financial Stability Forum's Report on Recent Financial Market Turmoil

The Financial Stability Forum (FSF) has issued its "Report on Enhancing Market and Institutional Resilience." This work 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.

Securities and Exchange Commission Chairman Christopher Cox issued the following statement regarding the FSF report:

"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 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.

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. The FSF was created in 1999 to promote international financial stability through information exchange and international cooperation in financial supervision and surveillance. It brings together on a regular basis national authorities responsible for financial stability in significant international financial centers, international financial institutions, sector-specific international groupings of regulators and supervisors, including IOSCO, and committees of central bank experts.

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