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The Securities Industry and Financial Markets Association (SIFMA) today praised the second stage of Treasury Secretary Paulson’s capital markets competitiveness action plan.
“As other global financial centers compete on the world stage, we must continue to reform the US financial services regulatory regime so that it helps facilitate global capital flows while protecting investors and preserving financial stability. Financial centers with premier talent, innovation and financial expertise should be able to provide their services to a growing international economy, and not be hamstrung by outmoded or conflicting global regulations,” said Marc Lackritz, president and CEO of SIFMA. “Both the Treasury under Secretary Paulson and the President’s Working Group have been excellent partners in these critical endeavors and we anticipate further progress under their leadership.”
Many of the goals listed in stage two of the Treasury plan are also primary goals of the industry. Among the steps unveiled by Paulson, the industry took special note of efforts to “encourage international investment opportunities with recognition of comparable regulatory regimes.” The Treasury statement continued, “Mutual recognition between countries with regulatory schemes comparable to the United States could increase international investment opportunities and enhance risk diversification while preserving investor protection. Treasury supports SEC consideration of mutual recognition for foreign broker-dealers and foreign stock exchanges offering services to U.S. investors.”
