Yesterday, following up on certain recommendations included in the G-20 leaders' Declaration of the Summit on Financial Markets and the World Economy, SEC Chairman Christopher Cox announced that he will convene a meeting of the International Organization of Securities Commissions (IOSCO) Technical Committee on November 24. This meeting, to be conducted via teleconference, is slated to include discussion of short-selling (including the effectiveness of recent regulatory responses in "reducing manipulative short selling" and exploring "explore possible coordination on rules relating to naked short sales, in particular with regard to position reporting and delivery and pre-borrowing requirements"), under-regulated or unregulated products (including OTC derivatives), credit rating agencies (including assessing IOSCO members' "progress in adopting rules based on IOSCO's revised Code of Conduct"), and international accounting standards.

In announcing the meeting Chairman Cox said, “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.” Members of IOSCO recently sent a letter urging the members of the G-20 in an effort to galvanize support for making “necessary regulatory or legislative changes” to resolve the current crisis.