A teleconference of global market regulators will be held Monday to discuss "urgent" actions to confront the financial crisis, US officials announced Friday.
US Securities and Exchange Commission Chairman Christopher Cox said he will convene a meeting of the International Organization of Securities Commissions (IOSCO) Technical Committee "to discuss urgent regulatory issues in the ongoing credit crisis."
"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."
The committee will discuss questions of "short selling," a technique used to profit from falling share prices, including the effectiveness of recent regulatory actions, the SEC said.
The panel will mull "responses in reducing manipulative short selling without stifling legitimate short selling activity," the statement said.
Also to be discussed will be "under-regulated or unregulated products" and issues about disclosure and transparency for these investments.
Further, the committee will review progress in assessing credit rating agencies and international accounting standards, the SEC said.
