The Members of the Council of Securities Regulators of the Americas (COSRA), having met on June 23-24, 1994,

Believing that market integrity plays a critical role in the development of sound and fair markets in the Americas;

Recognizing the need for enhanced cooperation among securities regulators to ensure the integrity of their domestic markets;

HEREBY STATE THEIR INTENTION TO:

Use their authority to assist, to the fullest extent possible and according to their respective laws, other Members in their efforts to obtain from persons in their jurisdictions information, documents, and statements relevant to any enforcement or regulatory inquiries being conducted by another COSRA Member to ensure compliance with that Member's securities laws;

Use all reasonable efforts to obtain legal authority or seek the assistance of other governmental agencies that can provide such assistance where a COSRA Member lacks the legal authority to provide the assistance contemplated by this framework; and,

Continuously review and assess the degree assistance can be provided with a view to enhancing cooperation among the membership.

This framework does not modify or supersede in any respect any understandings or agreements otherwise reached among or between COSRA Members.

Adopted by:

ARGENTINA: Comisión Nacional de Valores

BRAZIL: Comissão de Valores Mobiliários

CANADA - ALBERTA: Alberta Securities Commission

- ONTARIO: Ontario Securities Commission

- QUÉBEC: Commission des Valeurs Mobilières du Québec

CHILE: Superintendencia de Valores y Seguros

COLOMBIA: Superintendencia de Valores

COSTA RICA: Comisión Nacional de Valores

ECUADOR: Superintendencia de Compañias

MEXICO: Comisión Nacional de Valores

PARAGUAY: Comisión Nacional de Valores

PERU: Comisión Nacional Supervisora de Empresas y Valores

UNITED STATES: U.S. Securities and Exchange Commission

VENEZUELA: Comisión Nacional de Valores

Québec, Canada June 24, 1994