Chairman Donaldson Meets with Japan Minister of State for Financial Services Ito
No fraud or legal violations occurred; SEC Chairman William H. Donaldson and Japan’s Minister Tatsuya Ito affirmed mutual support for aligning accounting standards and enhancing regulatory cooperation between the SEC and JFSA.
This document is a press release detailing a meeting between SEC Chairman William H. Donaldson and Japan’s Minister of State for Financial Services Tatsuya Ito on May 3, 2005. The officials discussed the importance of converging U.S. and Japanese accounting standards through collaboration between the FASB and ASBJ, and emphasized regular high-level dialogue between the SEC and JFSA to strengthen investor protection and global market regulation. No misconduct, charges, financial penalties, or fraudulent activity were mentioned or implied.
On May 3, 2005, SEC Chairman William H. Donaldson met with Japan’s Minister of State for Financial Services Tatsuya Ito in Washington, D.C., to discuss international regulatory cooperation. Both parties affirmed their commitment to aligning accounting standards through enhanced collaboration between the U.S. Financial Accounting Standards Board (FASB) and Japan’s Accounting Standards Board (ASBJ). They emphasized that convergence of global accounting standards is critical to investor protection and the integrity of international markets. The meeting also highlighted the value of establishing regular, high-level dialogue between the SEC and Japan’s Financial Services Agency (JFSA) to address shared regulatory challenges. No allegations of fraud, misconduct, or financial penalties were raised during the discussion. The outcome was a mutual agreement to deepen regulatory coordination, not to pursue enforcement actions. The press release, issued by the SEC, serves solely as a record of diplomatic and technical cooperation, with no indication of wrongdoing by any party.
Extracted insights
- person Tatsuya Ito ×2
- person william h. donaldson ×2
- organization Accounting Standards Board Of Japan
- person ethiopis tafara
- person global accounting standards
- person investor protection
- organization Japanese Financial Services Agency
- agency regular discussion between sec and jfsa
- organization Securities and Exchange Commission
- organization United States Financial Accounting Standards Board
- William H. Donaldson met Tatsuya Ito
- William H. Donaldson discussed investor protection
- William H. Donaldson discussed global accounting standards
- William H. Donaldson expressed interest in high-level bilateral dialogue
- William H. Donaldson affirmed support for convergence of accounting standards
- William H. Donaldson agreed dialogue between FASB and ASBJ is important
- William H. Donaldson acknowledged importance of regular discussion between SEC and JFSA
CHAIRMAN DONALDSON MEETS WITH JAPAN MINISTER OF STATE FOR FINANCIAL SERVICES ITO FOR IMMEDIATE RELEASE 2005-71 Washington, D.C., May 3, 2005 - SEC Chairman William H. Donaldson and Japan Minister of State for Financial Services Tatsuya Ito met today and discussed the importance of compatible approaches to furthering investor protection and the importance of expanding the use of high-quality global accounting standards. Both also expressed interest in a high-level bilateral dialogue that would enhance the quality of regulatory discussions and effectively address the key issues for reaching shared objectives between the SEC and the Japanese Financial Services Agency (JFSA). According to Ethiopis Tafara, Director of the SEC's Office of International Affairs, "Chairman Donaldson and Minister Ito affirmed their support for the convergence of accounting standards and agreed that dialogue between the US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) is an important element in the overall convergence program. They also acknowledged the importance of regular, high-level discussion between the SEC and the JFSA in the interest of regulating global markets and promoting the highest levels of investor protection." http://www.sec.gov/news/press/2005-71.htm Home | Previous Page Modified: 05/03/2005
CHAIRMAN DONALDSON MEETS WITH JAPAN MINISTER OF STATE FOR FINANCIAL SERVICES ITO FOR IMMEDIATE RELEASE 2005-71 Washington, D.C., May 3, 2005 - SEC Chairman William H. Donaldson and Japan Minister of State for Financial Services Tatsuya Ito met today and discussed the importance of compatible approaches to furthering investor protection and the importance of expanding the use of high-quality global accounting standards. Both also expressed interest in a high-level bilateral dialogue that would enhance the quality of regulatory discussions and effectively address the key issues for reaching shared objectives between the SEC and the Japanese Financial Services Agency (JFSA). According to Ethiopis Tafara, Director of the SEC's Office of International Affairs, "Chairman Donaldson and Minister Ito affirmed their support for the convergence of accounting standards and agreed that dialogue between the US Financial Accounting Standards Board (FASB) and the Accounting Standards Board of Japan (ASBJ) is an important element in the overall convergence program. They also acknowledged the importance of regular, high-level discussion between the SEC and the JFSA in the interest of regulating global markets and promoting the highest levels of investor protection." http://www.sec.gov/news/press/2005-71.htm Home | Previous Page Modified: 05/03/2005