These leading emerging markets came together to discuss challenges faced by growing securities markets, including balancing an effective regulatory scheme while promoting capital development.

The Conclave focused on opening up a dialogue between the countries to promote cross-border enforcement, boost the provision of cross-border services, and increase collaboration in the wake of recent market developments.

"It has been a great privilege to host this meeting of representatives of major emerging markets," stated SEC Chairman Christopher Cox, who hosted the discussion.

He continued: "This Conclave presented an historic opportunity for the Chairs of regulators in emerging markets to discuss how we can work together to protect investors, both in our own markets and abroad, and maintain a fair and stable global securities market."

"The discussion today allowed participants to deepen our already strong relationship in order to facilitate the increasingly high level of international cooperation that today's interconnected markets demand."

Ethiopis Tafara, Director of the SEC's Office of International Affairs, added that:

"We are very pleased to have this opportunity to spend such valuable time with leaders from emerging markets. The exchange of views enhances our understanding of market circumstances around the world and assists us in developing techniques and best practices for promoting effective cross-border market oversight to better protect investors and facilitate efficient capital formation."