US agencies outline OTC regulation plan; SEC and CFTC work through derivatives oversight harmonization

摘要

Washington-The heads of the US Securities and Exchange Commission and the Commodity Futures Trading Commission on June 22 outlined the first steps their agencies might take to harmonize oversight of various over-the-counter derivatives products. SEC Chairman Mary Schapiro, in testimony before the Senate Banking Subcommittee on Securities, Insurance and Investment, suggested her agency should retain primary responsibility over derivatives related to securities products, while the CFTC should oversee all other OTC derivatives, including energy, metals, interest rates, foreign exchange and other commodities.