As some in the credit union industry continue to speak out against a consolidated financial services regulator, the SEC and the Commodity Futures Trading Commission are moving forward to identify agency overlaps.
Both regulators will host joint meetings Sept. 2-3 to seek public input on harmonization of market regulation, the SEC said. In June, Pres. Barack Obama called on the two agencies to recommend changes to statutes and regulations that would eliminate differences with respect to similar types of financial instruments.
The White House has asked the SEC and CFTC to submit a report by Sept. 30 that identifies existing conflicts in statues and regulations with an explanation of why those differences are essential to achieve underlying policy objectives with respect to investor protection, market integrity, and price transparency. The administration has also asked for recommendations for changes to statutes and regulations that would eliminate the differences.
The CFTC regulates commodity futures and option markets in the United States.
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