The Members of the Council of Securities Regulators of the Americas ("COSRA"), having met on May 29-30, 1995,

Believing that effective market oversight by the designated regulators is essential to ensuring market integrity;

Recognizing that market integrity, in turn, both encourages investor confidence and provides the foundation for fair, honest, and orderly markets;

Have concluded that the principles contained in the addendum hereto provide the appropriate framework for effective market oversight, by setting forth mechanisms for:

guiding the development and enhancement of fair, honest, and orderly markets, and for imposing responsibility and accountability on market operators and market intermediaries;

monitoring compliance with the laws governing securities and futures transactions and applicable regulatory and self-regulatory organization rules; and

maintaining an effective system for enforcing laws, regulations, and self-regulatory organization rules governing the operation of these markets.

HEREBY STATE THEIR INTENTION TO:

Use all reasonable efforts to implement and maintain systems for effective domestic market oversight based upon the attached principles.

Adopted by:

ARGENTINA: Comision Nacional de Valores

BOLIVIA: Comision Nacional de Valores

BRAZIL: Comissão de Valores Mobiliários

CANADA - ONTARIO: Ontario Securities Commission

- QUEBEC: Commission des Valeurs Mobilieres du Quebec

CHILE: Superintendencia de Valores y Seguros

COLOMBIA: Superintendencia de Valores

ECUADOR: Superintendencia de Compañias

MEXICO: Comision Nacional Bancaria y de Valores

PARAGUAY: Comision Nacional de Valores

PERU: Comision Nacional Supervisora de Empresas y Valores

TRINIDAD: Ministry of Finance

UNITED STATES: U.S. Securities and Exchange Commission

Commodity Futures Trading Commission

URUGUAY: Banco Central del Uruguay

Sao Paulo, Brazil, May 30, 1995