US and UK watchdog leaders have met to discuss
international audit regulation in an effort to improve regulation
and oversight in the securities markets.
The talks between the US Securities and
Exchange Commission (SEC) chairman Mary Schapiro, the UK Financial
Services Authority (FSA) chairman Adair Turner and UK Financial
Reporting Council chief executive Stephen Haddrill covered
cross-border enforcement information-sharing; oversight of audit
firms providing services across borders into the UK and US; and
recent regulatory reform efforts in the UK and US.
“Both the SEC and FSA are in the process of
drafting vital new rules for our own markets. Meetings like this
with our UK counterparts at the highest levels give the SEC a
better understanding of how similar market concerns are viewed in
London. Given the international nature of the recent financial
crisis, this exchange of views can only improve the regulatory
solutions we develop to these challenging problems,” Schapiro
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