The SEC, the United Kingdom Financial Services Authority (FSA) and the United Kingdom Financial Reporting Council (FRC) signed a protocol for implementing the work plan between the SEC and the Committee of European Securities Regulators to share information on application of International Financial Reporting Standards (IFRS) by issuers listed in the United Kingdom and the United States. A copy of the protocol is available at www.sec.gov/news/press/2007/2007-73.htm.
The SEC and the German Federal Financial Supervisory Authority (BaFin) signed a comprehensive arrangement to facilitate their supervision of internationally active firms and their oversight of markets. At a meeting in Berlin, SEC Chairman Christopher Cox and BaFin President Jochen Sanio executed a memorandum of understanding (MOU) that provides clear mechanisms for consultation, cooperation and exchanges of information between their agencies. The MOU sets forth the terms and conditions for the sharing of information about regulated entities and financial groups that operate in the United States and Germany and, in view of the growing trend toward cross-border exchange affiliations, outlines a framework for cooperation in the oversight of markets in both countries. To view the MOU, visit www.sec.gov/about/offices/oia/.
The International Accounting Standards Board (IASB) published a preliminary views document on accounting for insurance contracts. Comments, which are due by Nov. 16, will aid the IASB in developing firm proposals for an exposure draft to be published in late 2008. The IASB expects the new standard to take effect in 2010. To view the document, visit www.iasb.org.