William H Donaldson, chairman of the US Securities and Exchange Commission, gave a public lecture to a packed theatre at the London School of Economics and Political Science (LSE) today (Tuesday 25 January).
The chairman began his speech on US Capital Markets in the Post Sarbanes-Oxley World: why our markets should matter to foreign issuers by stating: 'We are all familiar with the dramatic expansion of global business and foreign direct investment in recent years. But less well understood is how national regulation impacts the world's securities markets, and the importance of regulatory coordination and cooperation among the world's securities regulators. Given the substantial amount of cross-border holdings, capital flows, and transactions such as mergers and acquisitions, all regulators have much to learn from their foreign counterparts.'
He then focused on a number of pressing issues facing securities markets throughout the world, with an emphasis on the comprehensive US corporate-reform law of 2002, the Sarbanes-Oxley Act - exploring how it is working, how it affects foreign issuers, and what is being done to ensure a level playing field in the US market for all issuers, regardless of country of origin.
William H Donaldson became the 27th chairman of the US Securities and Exchange Commission on 18 February 2003. As chairman, he oversees the regulation of US securities markets, ensures compliance with and enforcement of securities laws, and ensures the protection of investors' interests. Mr. Donaldson arrived at the Commission with more than 50 years of experience working at the highest levels of business, government and academia.
To read a full transcript of the event, click here
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25 January 2005