During the SEC-FSA dialogue, the agencies exchanged views on a number of topics including issues relating to over-the-counter derivatives, technology-driven trading strategies, market surveillance, and short selling, as well as the agencies’ respective participation in the Financial Stability Board and the International Organisation of Securities Commissions. In addition, the agencies discussed the impact of current regulatory reform efforts being undertaken in both jurisdictions.
Chairman Schapiro said: “The ongoing dialogue between the SEC and the UK FSA demonstrates both agencies’ commitment to aligning interests with the goal of achieving regulatory consistency. As Europe and the US continue to enhance regulation in the wake of the financial crisis, working with all of our counterparts is essential to help prevent regulatory arbitrage, especially in the areas involving over-the-counter derivatives and market structure.”
FSA CEO Sants said: “Close cooperation between the FSA and the SEC is important as we seek to meet the G20 commitment to enhance transparency, mitigate systemic risk, and protect against market abuse. The strategic dialogue is key to this and gives the two agencies the opportunity to find common ground, build on areas of mutual interest, and identify potential regulatory gaps.”
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