First, Leigh-Pemberton urged the financial leaders in both the United States and the European Union to act with more urgency in taking steps toward having more regulatory convergence among the transatlantic capital markets. Second, he suggested that the respective regulators, the Securities and Exchange Commission and the Council of European Securities Regulators, “should begin to approach issues related to regulatory convergence with an eye toward integrating the transatlantic institutional markets as a first step…[d]ifferent and/or duplicative regulations based on similar or identical policy rationales,” he added, ”only complicate the ability of firms and their customers to conduct cross-border business efficiently and to provide low-cost products and services to clients. Through greater convergence of regulatory approaches, even limited to the institutional markets, encumbrances on cross-border business could be measurably reduced without in any way diminishing investor protections.”
A copy of the full speech will be available later today at: http://www.sia.com/
