Mutual

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This program will focus on the initiatives of the Securities and Exchange Commission and foreign securities market regulators aimed at increasing cross-border access to capital markets, including

    - Proposed systems of mutual recognition among high-quality national securities market
      regulatory regimes, through agreements with foreign regulators (already reached with Australia
      and under discussion with Canadian and European regulators),
    - Use of the SEC's exemptive power (including the proposed amendment to Rule 15a-6 to
      broaden the access of foreign broker-dealers to US markets relating to foreign broker-dealers),
    - The recent amendment to Rule 12g3-2(b) relating to foreign private issuers
      (significantly expanding access to investment in foreign securities through ADRs).

Similar developments in respect of accounting standards (including recognition of IFRS for US issuers) are also under discussion.

Panelists will discuss how these developments impact issuers and broker-dealers in the U.S. and abroad; the attitudes of the SEC and foreign securities regulators; and policy considerations applicable to mutual recognition on accounting issues.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 083734
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Mutual Recognition live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Reid Feldman, Partner,
Kramer Levin Naftalis & Frankel LLP

- Background and chronology
   - longstanding mutual recognition regime adopted by the CFTC
   - concerns about competitiveness of U.S. markets and the impact of Sarbanes-Oxley
   - competing misconceptions about foreign vs. U.S. markets
   - thought leadership by SEC staff and others
- Initiatives of the SEC and foreign regulators
   - SEC agreements and discussions with foreign regulators
   - rule changes and proposed changes affecting
     - foreign private issuers - Rule 12g3-2(b)
     - cross-border M&A
     - broker-dealers – Rule 15a-6
- How these initiatives are viewed from abroad
- Questions about the impact of the global financial crisis on mutual recognition initiatives

SEGMENT 2:


James L. Eastman, Chief Counsel and Associate Director, Division of Trading and Markets,
U.S. Securities & Exchange Commission

** Speaker Talking Points to be added soon.. **

SEGMENT 3:


Karen Dietrich, Associate Director in the Office of International Affairs,
Public Company Accounting Oversight Board

- Introduction PCAOB activities
    - Registering audit firms
    - Inspections
    - Investigation
    - Enforcement and standard setting.
- International Program
    - Inspection of audit firms abroad
    - Working with non- US audit regulators
- Discussion on why Board has decline to adopt a mutual recognition framework to date.

SEGMENT 4:


Michael Zuppone, Partner, Chairman Securities and Capital Markets Practice Group,
Paul Hastings Janofsky & Walker

- What is achieved by mutual recognition?
  - US exchanges operate trading screens in and take orders from brokers located in
    non-US markets; conversely, non-US exchanges operate trading screens in and take orders
    from brokers located in US market.
  - US brokers establish presence in non-US markets and directly access non-US investors;
    conversely, non-US brokers establish presence in US market and directly access US investors.

- Key goal from Issuers' perspective:
  - Seamless execution of trades (efficient clearance and settlement mechanism).

- Benefit to Issuers:
  - US and non-US investors have access to expanded pools of capital and greater number
    of investors.
  - Lower the cost of capital in cross border trading environment.

- Potential Burden to Issuers:
  - US and non US issuers are subject to foreign jurisdictions disclosure regime.
      - Do issues have control over decision to trade in other markets; can issuers opt in or opt out?
      - Is there a commonality in legal disclosure standards; do issuers compliance
        burdens increase?
        - Does mutual recognition extend to disclosure standards?
        - Do issuers undertake additional compliance burdens?
          - What threshold of investor participation triggers an additional compliance burden?



U.S. Securities & Exchange Commission
James L. Eastman
Chief Counsel and Associate Director, Division of Trading and Markets
speaker bio »»

Public Company Accounting Oversight Board
Karen B. Dietrich
Associate Director, Office of International Affairs
speaker bio »»

Paul Hastings Janofsky & Walker
Michael Zuppone
Partner,
Chairman Securities and Capital Markets Practice Group
                        speaker bio »»

Kramer Levin Naftalis & Frankel LLP
Reid Feldman
Partner
speaker bio »»

Who Should Attend?

- Excecutives in International Business and Financial Industry
- Attorneys/Lawyers in the Financial Services
- Lawyers practicing in Securities and Capital Markets
- Financial Compliance Officers and Risk Managers
- Investment Analysts
- Anyone interested in Securities Law and international financial markets

Why Attend?

This is a must attend event to anyone interested in having full understanding about Mutual Recognition.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    



Mutual Recognition
Speaker Firms, Agency/s and Organization/s:


U.S. Securities & Exchange Commission


Public Company Accounting Oversight Board






 

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