FSA and SEC hold strategic dialogue meeting
The UK’s Financial Services Authority (FSA) chief executive, Hector Sants, met US Securities and Exchange Commission (SEC) chairman Mary L Schapiro on Thursday as part of regular six-monthly meetings under a strategic dialogue established in 2006.
The dialogue enables the two agencies to discuss at senior levels UK and US capital markets developments and areas of future collaboration.
Issues discussed on this occasion included regulatory reform, oversight of over-the-counter derivatives trading and clearing, market structure issues including high frequency trading, market surveillance and short selling.
The two regulators reaffirmed their commitment to work together and continue discussions in the areas of common interest including cross-border enforcement cases and the global regulatory agenda.
Sants said close cooperation between the two regulators was important in efforts to meet G20 commitment to enhance transparency, mitigate systemic risk and protect against market abuse.
Schapiro said the dialogue demonstrates both agencies’ commitment to aligning interests to achieve 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 areas involving over-the-counter derivatives and market structure,” she said.