Financial Services Authority (FSA) chief executive Hector Sants and US Securities and Exchange Commission (SEC) chairman Mary Shapiro have met as part of the SEC-FSA Strategic Dialogue sessions established in 2006.
The purpose of the dialogue is for the two agencies to discuss current matters affecting the UK and US capital markets and also to discuss areas of future collaboration.
During the meeting the following areas were discussed: cross-border enforcement cases, the global regulatory agenda, regulatory reform, oversight of over-the-counter derivatives trading and clearing, market structure issues including high frequency trading, market surveillance and short selling.
“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,” FSA chief executive Sants said.
Schapiro said as “Europe and the US continues 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”.