SIFMA statement on SEC cross-border proposal

01 May 2013

SIFMA released a statement from acting president and CEO Kenneth E Bentsen Jr, following the SEC's release of its proposal on cross-border regulatory application of derivatives regulations under their purview.

“We appreciate the SEC taking a thoughtful approach to this critical issue, and for moving forward through the appropriate rulemaking processes. The swaps market is truly global in nature and US regulators must work with their counterparts in Europe and Asia to ensure that regulatory oversight of these markets is coordinated and harmonised.

“We look forward to closely analysing the SEC’s use of ‘substituted compliance'. We believe that foreign regulations should be assessed on a comprehensive, ultimate outcome-level basis, not rule-by-rule nor transaction-by-transaction. This will be critical to working effectively with foreign regulatory bodies to oversee global markets for these products.”

Press release

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