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SEC And FSA Sign Regulatory Cooperation Arrangement
The Securities and Exchange Commission (SEC) and the U.K.'s Financial Services Authority (FSA) signed a comprehensive arrangement to increase cooperation in market oversight and supervision.
SEC chairman Christopher Cox and FSA CEO John Tiner executed the agreement at a meeting at SEC headquarters in Washington. This arrangement will facilitate the exchange of confidential supervisory information currently collected by both regulators.
"Both the SEC and the FSA share a commitment to keeping our markets open, fair, transparent, and sound under constantly changing circumstances. The additional tools for information exchange that we will gain from this arrangement will enhance our mutual ability to oversee the world's largest securities firms and markets," said Cox in a release. "This arrangement also facilitates the SEC's new role as a consolidated supervisor of globally active US investment banks. The information sharing arrangements we are formalizing today will help insure that the SEC's supervision of these firms is as effective as possible."
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