Given the global nature of today’s markets, cross-border regulatory developments need to be conducted in a coordinated and efficient manner.  Well regulated and stable finanical markets will play an important role in economic and business recovery.  But there have been a number of recent examples of extraterritorial regulation from one country having a detrimental impact on this efficiency.

The JFMC is therefore supportive of increased dialogue and coordination between authorities from differing jurisdictions and believe that an outcomes-focused approach to regulatory recognition should be adopted. IOSCO (International Organization of Securities Commissions) can play an important role in achieving this outcome and the JFMC is supportive of their initiative to deal with this issue through their Cross-Border Task Force. The JFMC along with the Global Financial Markets Association (GFMA) have co-signed a letter to the Task Force with views on how to take this work forward.

Click here for JFMC consultation responses.