The Securities Industry and Financial Markets Association (SIFMA) said it supports the ongoing efforts to gain economic integration and regulatory convergence. Examples of such moves are ongoing efforts by the Transatlantic Economic Council (TEC) aimed at increased cross-border cooperation.
The TEC statement is a welcomed confirmation of strong European Union-U.S. political will to proceed with transatlantic securities market integration, said Bertrand Huet, managing director and SIFMAs european legal and regulatory counsel. We continue to urge the European Commission and the Securities and Exchange Commission to take tangible action in the coming months to update regulatory structures that suit the global nature of the financial marketplace.
Huet said that the TEC is encouraging action to relieve securities firms from local licensing requirements needed to engage in cross-border business with sophisticated investors and noted that the SEC has been letting valuable time pass without proposing anticipated changes to the 19 year-old Securities Exchange Act Rule 15a-6.
David Strongin, managing director of SIFMA, said that reforming this rule would implement one of the TEC's stated commitments and would eliminate the existing inefficiencies, increase investment opportunities and improve competition without damaging investor protection.