International Securities Enforcement Cooperation Act of 1988

International Securities Enforcement Cooperation Act of 1988 - Title I: Assistance to Foreign Securities Authorities - Amends the Securities Exchange Act of 1934 to authorize the Securities and Exchange Commission (Commission) to provide assistance to a foreign securities authority in the conduct of investigations of securities law violations upon a formal request of such authority. Requires the Commission to consider, in deciding whether to provide such assistance, whether: (1) the requesting authority has agreed to provide reciprocal assistance to the Commission; and (2) compliance with the request would prejudice the public interest.

Authorizes the Commission, upon a showing that certain information is needed, to provide all records and other information in its possession to such persons, both domestic and foreign, as the Commission by rule deems appropriate. Requires that the person receiving such records or information must provide such assurances of confidentiality as the Commission deems appropriate. Specifies that such authority shall not affect the Commission's responsibilities under the Right to Financial Privacy Act. Provides that notwithstanding the provision of the Freedom of Information Act the Commission shall not be compelled to disclose records obtained from a foreign securities authority if the foreign securities authority has in good faith represented to the Commission that public disclosure of such records would be contrary to the laws of the foreign country from which they were obtained. Specifies that this Act shall not prevent the Commission from complying with a request for information from the Congress or from complying with a court order in an action brought by the United States or the Commission.

Title II: Foreign Misconduct by Securities Professional In Foreign Country As Basis For Restricting Professional's Activities In the United States Securities Industry - Authorizes the Commission to impose sanctions on brokers or dealers, associated persons, and individuals seeking to become associated persons of brokers or dealers on the basis of misconduct in a foreign country. Allows the Commission to base such sanctions on whether a person has been convicted of crimes substantially equivalent to those enumerated by the Securities Exchange Act or the Commodity Exchange Act or has engaged in activities substantially equivalent to those enumerated by such Acts however denominated by the laws of the relevant foreign government. Authorizes the Commission to base sanctions on findings by a foreign securities authority of: (1) false or misleading statements in registration or reporting materials filed with the foreign securities authority; (2) violations of statutory provisions concerning securities or commodities transactions; or (3) aiding, abetting, or otherwise causing another person's violation of such foreign securities or commodities provision, or failing to supervise a person who has committed such a violation. Includes expulsion or suspension from membership or partnership in the foreign equivalent of a self-regulatory organization, contract market, board of trade, or futures association or a foreign or international securities exchange as grounds for disqualification for membership in such organizations in the United States. Includes findings of certain types of improper conduct by a foreign financial regulatory authority as grounds for such disqualification.

Defines a "foreign financial regulatory authority" as any: (1) foreign securities authority; (2) governmental body or foreign equivalent of a self-regulatory organization empowered by a foreign government to administer or enforce its laws relating to the regulation of fiduciaries, trusts, commercial lending, insurance, trading in futures contracts, or other instruments traded on or subject to the rules of a contract market, board of trade, or foreign equivalent, or other financial activities; or (3) membership organization a function of which is to regulate participation of its members in such activities. Defines "foreign securities authority" as any foreign government, or any governmental body or regulatory organization empowered by a foreign government to administer or enforce its laws as they relate to securities matters.

Amends the Investment Company Act of 1940 and the Investment Advisers Act of 1940 to authorize the Commission to impose similar sanctions on similar grounds of misconduct in a foreign country on investment advisors or persons associated or seeking association with a registered investment advisor or investment company.