Cristened "Disclosure Standards to Facilitate Cross-Border Offerings and Listings by Multinational Issuers", the document is aimed at helping the MNC issuers to raise capital through a single non-financial disclosure statement for more than one jurisdiction at a time. At the same time, investors will benefit from the comprehensive nature of the required disclosures and the enhanced comparability of information.

Through the adoption of the disclosure standards, according to IOSCO, it further evidences its commitment to facilitate cross-border offerings and listings by multinational issuers. These Standards represent an important step forward in reducing the costs of cross-border capital raisingwithout sacrificing investor protection.

In practical terms, the disclosure standards will become effective upon implementation by member jurisdictions. IOSCO recommends that its members take all appropriate steps in their respective home jurisdictions to accept a disclosure document containing the information set forth in the standards. Disclosure documents prepared in compliance with the standards will remain subject to host country review or approval processes.

The standards are the result of efforts over a number of years, including public consultation, to achieve consensus on high quality disclosure standards for cross-border use. IOSCO approved the standards only in the context of cross-border offerings by foreign issuers. The standards may, however, provide a point of reference for jurisdictions considering changing their standards for domestic issuers.

The disclosure standards are only one component of IOSCO's efforts to facilitate cross-border offerings and listings by multinational issuers.IOSCO is addressing the issue of accounting standards for cross-border offerings in its "core standards" work program agreed with the International Accounting Standards Committee. The project is proceeding as IOSCO prepares to assess the core standards upon their completion by the IASC.

At the same time, individual members are formulating their plans for evaluating the core standards based on their domestic requirements. In addition, as part of its effort to facilitate multinational offerings, IOSCO is reviewing the International Auditing Practice Committee standards in order to establish a process to comment on the standards as for the IAS.The Secretary General of the IASC participated in the Nairobi meeting of the EMC. It was the first such briefing made by the IASC to the EMC plenary meeting and builds on the continuing relationship that the EMC has established with the IASC at the working group level.

Going forward, the EMC and the IASC will explore EMC participation in an IASC steering committee on`Special Issues for Countries in Transition to Market Economies'. The EMC has ongoing disclosure and accounting projects involving the dissemination of stock property and on inflation adjustment. The EMC considered a comparative report on `Measures to Disseminate Stock Property', which deals with capital formation processes. The EMC also endorsed a report on the application of the adjustment for inflation in the financial statements in emerging jurisdictions.