16/11/2010 Author: Shannon Hawthorne

FSA and SEC hold strategic dialogue meeting

The UK’s Financial Services Authority (FSA) and US Securities Exchange Commission (SEC) met yesterday to discuss regulation regarding OTC directives, high-frequency, credit rating agencies and cross-border enforcement information-sharing.

The meeting between Lord Turner, chairman of the FSA and Mary Schapiro, chairman of the SEC, was held as part of the SEC-FSA Strategic Dialogue sessions, established in 2006. 

During the meeting, Lord Turner and Mary Schapiro affirmed their respective agencies’ commitment to working together to improve regulation and oversight of their securities markets.

“As regulators, we all now face issues that cross borders and require international co-ordination,” said Lord Turner. “It is important that we are able to find common ground in approaching these issues and this continuing dialogue with the SEC forms a key part of this process.” 

“Meetings like this with our UK counterparts at the highest levels give the Commission a better understanding of how similar market concerns are viewed in London,” added Shapiro. “Given the international nature of the recent financial crisis, this exchange of views can only improve the regulatory solutions we develop to these challenging problems.”