Shipkevich Bitcoin and ICO Attorney
Felix Shipkevich November 6, 2012

The U.S. Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) are meeting in private on election day to discuss international compliance. At issue is exactly how the global economy will move forward to regulate the $648 trillion swaps market.

The private meeting is being held on election day, which may signal to foreign regulators and domestic traders that the current regulatory regime is here to stay. The meeting was held at CFTC headquarters and apparently included members of the European Commission and European Securities and Markets Authority.

An end-of-the-year deadline mandated by the Dodd-Frank act looms for certain large-scale regulations. As a result foreign and domestic regulatory agencies must meet to iron out differences over extraterritoriality. The overlapping of American regulation onto foreign regulatory regimes has been the source of confrontation between European and U.S. regulators in recent months.

CFTC Criticized by FSB

The meeting comes as the Financial Services Board (FSB), the regulatory wing of G-20 nations, has recently criticized U.S. regulators as “slow” in a recent report on the progress of global financial regulation.

The Commodity Futures and Trading Commission’s (CFTC) Global Markets Advisory Committee will meet publicly on tomorrow with foreign regulators and futures industry representatives on extraterritoriality issues relating to new derivatives rules.

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