Today, the Securities and Exchange Commission and the College of Euronext Regulators announce the signing of a comprehensive arrangement to facilitate cooperation in market oversight in view of the pending combination between the NYSE Group, Inc. and Euronext N.V. into NYSE Euronext, Inc.
Through this Memorandum of Understanding (MOU), the regulators express their commitment to close cooperation and collaboration to promote investor protection, foster market integrity, and maintain investor confidence and systemic stability in connection with the regulation of the combined group.
"The combination of major US and European stock exchanges marks a notable step in the continuing globalization of the world's capital markets," said Chairman Christopher Cox. "This arrangement reflects a modern approach to oversight of globally-active institutions and underscores the intent of securities regulators on both sides of the Atlantic to work together to coordinate our supervisory efforts."
Ethiopis Tafara, Director of the SEC's Office of International Affairs, said, "This MOU establishes a framework for coordination, consultation, cooperation and the exchange of information in connection with oversight of NYSE Euronext and its markets. We look forward to working collaboratively with the College of Euronext Regulators as we work to fulfill our respective regulatory mandates."
This MOU will not go into effect until publication by Euronext Paris of a declaration that the thresholds for acceptance of the NYSE Euronext offer have been reached.
The authorities making up the College of Euronext Regulators are the:
- Authority for the Financial Markets (AFM), Netherlands;
- Autorité des Marchés Financiers (AMF), France;
- Banking Finance and Insurance Commission (CBFA), Belgium;
- Comissão do Mercado de Valores Mobiliários (CMVM), Portugal; and
- Financial Services Authority (FSA), United Kingdom.