Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

17 November 2010

SEC und CESR bekräftigen enge Zusammenarbeit


Default: Change to:


The SEC and CESR convened a high-level meeting to discuss regulatory reform efforts in the United States and the European Union. The discussions focused on regulation of over-the-counter derivatives, oversight of credit rating agencies and managers of hedge and private equity funds.


 The CESR and SEC chairmen also shared views regarding market structure issues, systemic risk, and issues relating to the convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). 

Since so many globally active financial firms operate in both the United States and Europe and would be subject to new rules in both markets, Chairman Schapiro and CESR Members (the Chairs of Europe’s Member State securities regulators) agreed to meet to discuss the cross-border implications of European and U.S. efforts. They also are considering how these efforts might be coordinated to improve their effectiveness while minimizing the likelihood of regulatory arbitrage and unnecessary conflicts of laws. 

During the discussion, the Chairs pledged to continue periodic discussion on these issues as they implement new regulations and to work collaboratively regarding possible areas for future collaboration as they oversee market participants registered in each jurisdiction.  

In addition to the meeting with Chairs of EU national regulators, Chairman Schapiro separately met with representatives involved in the EU legislative process, including Vittorio Grilli, Chairman of the EU Financial Services Committee (FSC) and Director General of the Treasury, Italian Ministry of Economy and Finance, and Jean-Paul Servais, member of the Financial Services Committee (FSC) and President of the Belgian Banking, Finance and Insurance Commission and senior representatives of the European Commission . The FSC and ESC are EU entities that represent the Member States in the EU legislative process, ultimately reporting to the Economic and Financial Affairs Council, commonly referred to as ECOFIN. During their meeting, they discussed a number of issues of common concern, including the regulation of over-the-counter derivatives and oversight of credit rating agencies and managers of hedge and private equity funds, as well as other issues involving market structure.

Press release




© CESR - Committee of European Securities Regulators


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment