In the context of the discussions on the potential mutual recognition on the basis of substituted compliance contemplated by the US SEC, Jukka Ruuska, President of FESE, sent a statement to the SEC to welcome the concept and to set out a number of principles that should underpin it. Prominent among these principles is the need to consider the EU as a whole as well as the need to base the process of regulatory comparison on high level principles. While endorsing global regulatory convergence as a longer term goal, President Ruuska stressed that the similarities between the US and EU regimes and the process of cooperation established over the last five years are sufficient to allow mutual recognition without any regulatory alignment. He asked that an efficient and lean process with a clear timetable be set up by the European Commission and the SEC. FESE will respond in greater detail to the SEC’s concept paper expected later this year.
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FESE President Ruuska Writes To SEC Chairman Cox On Mutual Recognition
Date 21/08/2007
