An international group of securities regulators, including the U.S. Securities and Exchange Commission, agreed Monday to begin work on a coordinated response to several aspects of the global financial crisis.
The International Organization of Securities Commissions has formed three task forces that will focus on short selling, unregulated financial products such as derivatives, and unregulated financial entities like hedge funds, the SEC said.
The Madrid, Spain-based organization's work is in response to recent calls by world leaders, meeting in Washington earlier this month, to better coordinate financial regulation.
The task forces will present reports at the next G-20 summit of world leaders in the spring of 2009, the SEC said. The G-20 includes wealthy nations as well as leading developing countries such as China, India and Brazil.
