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CFTC and European Commission Issue Joint Statement Following Meeting on Cross-Border Derivatives Regulatory Issues

On September 13, the CFTC and European Commission issued a joint statement reaffirming their mutual commitment to transatlantic cooperation among regulators (Joint Statement). The Joint Statement was released following a September 5 meeting between CFTC Chairman Heath Tarbert and John Berrigan, Deputy Director General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission.

The Joint Statement explained that during the meeting, delegations from the CFTC, the European Commission and the European Securities Markets Authority (ESMA) discussed a series of topics including, but not limited to, 1) responses to foreign/third-country central counterparties that clear for domestic market participants; 2) possible qualitative and quantitative factors to determine systemic relevance, efficient and effective supervisory cooperation; 3) the need to avoid inconsistent or conflicting requirements; and 4) the importance of home and host regulators and supervisors in supporting local and broader derivatives markets.

The CFTC and the EU delegations agreed to hold follow-up discussions aimed at furthering the development of a practicable transatlantic derivatives regulatory framework.

A copy of the Joint Statement is available here.

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About this Author

Christian B. Hennion, Finance Attorney, Katten Muchin Law Firm
Associate

Christian B. Hennion concentrates his practice in financial services and asset management matters, including counseling fund managers, registered investment advisers and commodity trading advisors on both transactional and regulatory matters. Chris has advised a wide range of US and international managers, from start-ups to large institutions, regarding a variety of matters, including private fund launches and reorganizations, advisory engagements, Investment Advisers Act and Commodity Exchange Act compliance obligations, Securities and Exchange Commission (SEC) and Commodity Futures...

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Stanley V. Polit, Katten Muchin, Financial Services lawyer, Corporate Regulatory Matters Attorney
Associate

Stanley Polit concentrates his practice in transactional, corporate and regulatory aspects of financial services matters. Stan is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, commodity trading advisers, financial institutions and general corporate clients.

Prior to joining Katten, Stan served as a council member for a national crisis management firm, where he specialized in crisis communication and merged media strategies. He has lectured extensively and conducted trainings related to these topics at numerous national and international conferences, including the National Communication Association's National Convention, the International Crisis and Risk Communication Conference and the Disaster Recovery Journal's World Business Continuity Conference.

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