According to a report issued by a coalition of 11 financial industry lobbying associations, regulatory agencies around the world must work together to ensure the implementation of a well-functioning regulatory environment.
“The rules, processes and priorities of regulatory authorities continue to be largely geographically based and governed by different national laws,” the EU-US Coalition on Financial Regulation said in a report released today. “This has resulted in a complex and costly meld of duplicative and sometimes conflicting regulations.”
In a thinly veiled reference to the cross-border enforcement of Dodd-Frank currently being considered by the CFTC, the report goes on to say that rules should be “broadly in line” with one another, and that requiring foreign companies to follow domestic rules would ultimately hurt markets.
