Mary Jo White, the Chairman of the SEC, spoke at the ICI’s General Membership Meeting in Washington, D.C. about global securities regulation. After brief introductory remarks, she stated that the SEC has long been at the forefront on multilateral efforts to ensure that broad standard setting is coupled with robust regulator-to-regulator assistance in oversight and enforcement matters. She noted that regulatory globalization is now a continuous and ongoing process, and one that has gotten much more intensive and complex.
She provided details about the SEC’s recent proposal for reconciling the U.S. regulatory system with requirements in other jurisdictions for swaps transacted across borders. She stated that this proposal will help to inform foreign market participants about which rules they must follow when their security-based swap transactions cross our borders in ways that increase risk in the U.S.
Chairman White next spoke about the mutual fund industry. She mentioned the London-based ICI Global was incorporated in October 2011 to serve internationally active investment funds and advocate for transnational solutions to regulatory challenges. She also provided an update on the proposed money market fund reform.
Click http://www.sec.gov/news/speech/2013/spch050313mjw.htm to access the speech.