FSA and SEC hold Strategic Dialogue meeting
Financial Services Authority (FSA) chairman, Lord Turner, today met with U.S. Securities and Exchange Commission (SEC) chairman Mary L Schapiro as part of the SEC-FSA Strategic Dialogue sessions established in 2006. During the meeting, the agencies shared views regarding the oversight of over-the-counter derivatives trading, high-frequency trading, recent regulatory initiatives regarding credit rating agencies, and cross-border enforcement information-sharing between the FSA and SEC. Lord Turner and Chairman Schapiro also restated their agencies’ commitment to working together to improve regulation and oversight of their securities markets, particularly with regard to globally active regulated firms with a presence in both countries. Lord Turner said: "As regulators, we all now face issues that cross borders and require international co-ordination. 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." SEC chairman Schapiro said: "Both the SEC and FSA are in the process of drafting vital new rules for our own markets. 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. 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."