Wednesday, September 30, 2009

SEC, CFTC To Release Rules Harmonization Report On October 15

The SEC and the CFTC announced today that they expect to issue a report on October 15 on the harmonization of futures and securities regulation.

The report will include the following topics:
  • Product listing and approval
  • Exchange/clearinghouse rule approval under rules- versus principles-based approaches
  • Risk-based portfolio margining and bankruptcy/insolvency regimes
  • Linked national market and common clearing versus separate markets and exchange-directed clearing
  • Market manipulation and insider trading rules
  • Customer protection standards applicable to broker-dealers, investment advisors and commodity trading advisors
  • Cross-border regulatory matters
In addition, the report will recommend to Congress and the President that they (1) strengthen enforcement powers; (2) enhance and harmonize customer protection standards; and (3) establish an ongoing coordination and advisory process.

"We must continue to build upon the progress we are making to reduce regulatory arbitrage, avoid unnecessary duplication and close regulatory gaps," said SEC Chairman Mary Schapiro.

Read the complete joint statement here

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