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US - House Members urge SEC and CFTC to Harmonize Derivatives Regulations Domestically and Globally

US - House Members urge SEC and CFTC to Harmonize Derivatives Regulations Domestically and Globally | Culture, Humour, the Brave, the Foolhardy and the Damned | Scoop.it
Investors Europe Stock Brokers's insight:

'With the United States set to continue international financial reform discussions with G-20 partners in September 2013, 35 members of the House of Representatives urged the SEC and CFTC to harmonize cross-border derivatives regulations with each other, as well as with their appropriately regulated global counterparts. In a letter to CFTC Chair Gary Gensler and SEC Chair Mary Jo White, the House members cautioned that the unilateral application of U.S. derivatives regulations to other countries that are presently working on their own complementary derivatives regulatory regimes will result in a flight of swaps activity away from U.S.banks overseas and further away from U.S. oversight. Further, while ensuring a proper level of regulatory compliance abroad is imperative, the failure to agree on a common regulatory framework poses risks and distortions. For one thing, regulatory gaps would encourage regulatory arbitrage, warned the House members, as market participants seek inappropriately regulated markets.'



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Culture, Humour, the Brave, the Foolhardy and the Damned
Culture, Humour, the Brave, the Foolhardy and the Damned
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