In an article in the World Federation of Exchange's monthly publication Focus, Of Counsel Paul Leder, former Director of the U.S. Securities and Exchange Commission's (SEC) Office of International Affairs discusses how international cooperation among securities regulators may suffer due to the appearance that regulators are acting based on political considerations. In the article, Leder discusses the SEC's leadership in promoting international enforcement cooperation resulted in what is now the crowning accomplishment of securities regulators worldwide, the International Organization of Securities Commission's Multilateral Memorandum of Understanding (IOSCO MMOU), which is the primary mechanism by which securities regulators provide assistance in cross-border investigations. The current consensus, as reflected in the MMOU, may now be at risk as political players and others introduce national rivalries, such as those between the U.S. and China. Leder writes that effective securities enforcement, both on the national and international levels, can best be achieved when regulators show that their actions are guided by the best interests of investors and not politics.