U.S Securities and Exchange Commission chairman Christopher Cox announced that he will convene a meeting of the International Organization of Securities Commissions Technical Committee to discuss urgent regulatory issues in the ongoing credit crisis.

The meeting, which will take place on Monday, November 24 by teleconference, will consider:

> the effectiveness of recent regulatory responses in reducing manipulative short selling, and will explore possible coordination on rules relating to naked short sales;

> the development of disclosure principles to promote transparency in OTC derivatives markets;

> members’ progress in adopting rules based on IOSCO’s revised Code of Conduct for credit rating agencies and, that the process of developing international accounting standards continues to take account of the interests of investors.

“In addressing turbulent market conditions, it is essential not only that regulators act against securities law violations, including abusive short selling, but also that there be close coordination among international markets to avoid regulatory gaps and unintended consequences,” said Cox. “This high-level coordination among international regulators will allow us to review the steps we have taken thus far and ensure that our ongoing and future actions are effective and mutually reinforcing.”

IE