Strategy

Cox on Cross-Border Fraud

The SEC chairman will join Alan Greenspan and John Snow in Beijing later this month.
Stephen TaubOctober 6, 2005

Fraud doesn’t respect national borders, said Securities and Exchange Commission chairman Christopher Cox on Thursday in a video address to an international conference of the American Bar Association.

In less than two weeks, reported MarketWatch, he will join Federal Reserve chairman Alan Greenspan and Secretary of the Treasury John Snow in Beijing. There, Cox will reportedly meet with his Chinese counterpart, address a meeting of the Securities Industry Association, and participate in meetings of a U.S.-China economic commission.

In his speech, Cox reportedly stressed that “broad and healthy” Chinese capital markets are in the best interests of the United States.
MarketWatch also pointed out that last month, Treasury Undersecretary Timothy Adams called on China to allow foreign securities firms to establish wholly owned subsidiaries.

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Cox is slowly gaining his footing as head of the SEC since assuming the position this summer. He recently called for better disclosure of executive compensation, an issue that his predecessor, William Donaldson, had begun to address.

In a recent Wall Street Journal article, Cox said that CEO compensation has “migrated away from what is transparent to what is opaque. In many cases, the lion’s share of an executive’s compensation might come in forms that almost entirely elude disclosure.”