The Financial Services Authority (FSA) has signed a Memorandum of Understanding (MoU) with the United States' Commodities and Futures Trading Commission (CFTC) to strengthen cooperation on the exchange of regulatory information which will support cross-market surveillance operations.
The MoU was signed by Reuben Jeffrey III, CFTC chairman, and Callum McCarthy, FSA Chairman, at the 3rd IOSCO Technical Conference in London.
Callum McCarthy said;
"This agreement builds on and strengthens the existing regulatory framework for information exchange between our two institutions as part of our day to day supervision of our respective financial markets. We already work very closely with the CFTC and this MoU will further facilitate that process by setting out the basis for our continued co-operation in this crucial area."
Background
- The Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information Related to Market Oversight is published on the FSA's website.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.
