Financial Services Authority (FSA) chief executive Hector Sants today met with US Securities and Exchange Commission (SEC) chairman Mary L Schapiro as part of the SEC-FSA Strategic Dialogue sessions, enabling the two agencies to engage at senior levels on current matters affecting the UK and US capital markets.

Among the areas discussed included regulatory reform, oversight of over-the-counter derivatives trading and clearing, market structure issues including high frequency trading, market surveillance and short selling.

Today’s dialogue also covered the theme of common regulatory interest including cross-border enforcement cases and the global regulatory agenda.

FSA chief executive Hector Sants said: "Close cooperation between the FSA and the SEC is important as we seek to meet the G20 commitment to enhance transparency, mitigate systemic risk and protect against market abuse. The strategic dialogue is key to this and gives the two agencies the opportunity to find common ground, build on areas of mutual interest, and identify potential regulatory gaps."

SEC chairman Schapiro said: "The ongoing dialogue between the SEC and the UK FSA demonstrates both agencies’ commitment to aligning interests with the goal of achieving 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 the areas involving over-the-counter derivatives and market structure."

Share Story: