SEC Chairman Christoper Cox gave the closing remarks at the 2006 International Institute for Securities Market Development on Thursday of last week.
The ten-day seminar included securities market regulators and professionals from around the world.
Cox noted that the SEC's activities have changed tremendously in recent years, in part due to the internet. He wakes up to messages from Asia and Europe.
For securities regulators around the world, their jobs are changing because the companies they regulate because the companies have listed shares on markets within their jurisdiction now do business around the world. New challenges have arisen because of the global nature of the economy. Among these, accounting standards are likely to converge to some degree in the next few years.
In addition, many countries have fairly recently established stock markets. Cox also noted that India, which has had a stock market since 1877, has seen tremendous growth with capitalization going from $14 billion two decades ago to half a trillion today.
Cox noted that securities regulators from around the world must cooperate. What happens in one market affects other markets.