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Chairman of the US Securities and Exchange Commission speaks on US capital markets - transcript online

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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. 

Transcript

To read a full transcript of the event, click here|

Press cuttings

Times Online
Firms may quit US in attempt to avoid rules (26 Jan 05)
Howard Davies, Director of LSE and former chairman of the Financial Services Authority, claimed yesterday that a significant number of British companies would dump their listings in the US in an attempt to avoid tough new rules on corporate governance.

Financial Times
SEC might soften line for Europe (26 Jan 05)
http://news.ft.com/cms/s/85ffa2e4-6f44-
11d9-94a8-00000e2511c8.html
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Guardian
US banks fined $80m for 'laddering' (26 Jan 05)

International Herald Tribune
SEC may ease listing rules for foreign firms (26 Jan 05)
http://www.iht.com/articles/2005/01/25/business/donaldson.html| 

New York Times
SEC gives foreign firms some hope on new rules (26 Jan 05)

LA Times
SEC considers easing rules for foreign firms (26 Jan 05)

Bloomberg
Foreign companies may get more time for audit rule, SEC says (25 Jan 05)
The Securities and Exchange Commission may give non-U.S. companies more time to certify that their internal financial controls are in order, SEC Chairman William Donaldson said. In his speech at LSE, Donaldson said the internal control rule 'is likely to have the greatest long-term impact on enhancing the reliability of financial reporting.''

BBC News Online
SEC to rethink post-Enron rules (25 Jan 05)
http://news.bbc.co.uk/1/hi/business/4204853.stm| 

CNN
SEC may ease rules on foreign listings (25 Jan 05)

Accountancy Age
Hundreds of US companies admit accounting flaws (25 Jan 05)

Financial Times

SEC poised to ease rules for foreign listings (25 Jan 05)
The Securities and Exchange Commission is on Tuesday expected to signal a relaxation of registration requirements for foreign companies which want to escape US corporate governance rules. William Donaldson, chairman of the US regulator, is due to give a speech at LSE, indicating a 'change of tone' on the question, according to an insider.
http://news.ft.com/cms/s/1e980fb8-6e60-11d9-a60a-
00000e2511c8.html
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25 January 2005

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