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CFTC and SEC Participate in the Signing Ceremony for the IOSCO Enhanced Multilateral MOU Concerning Cross-Border Enforcement

At the 44th Annual International Organization of Securities Commissions (IOSCO) Conference in Sydney, Australia, the Chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission took part in a signing ceremony on May 15 for the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).

In 2002, IOSCO established the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (2002 MMoU). The 2002 MMoU created a framework for international information-sharing among securities and derivatives regulators to facilitate cross-border enforcement investigations, and is widely viewed as the international benchmark for cross-border cooperation in enforcement matters.

IOSCO established the EMMoU to allow its signatories to avail themselves of new forms of assistance and support, including greater cross-border enforcement cooperation and assistance among securities regulators, as well as access to powers to compel subscriber records from telephone and internet communications providers.

The 2002 MMoU currently has 123 signatories that have agreed to comply with minimum standards for obtaining and sharing with fellow signatories banking, brokerage and beneficial ownership information. Both the CFTC and the SEC became signatories to the 2002 MMoU on December 19, 2002. The 2002 MMoU will remain in effect as long as and until the signatories migrate to the EMMoU.

For a more detailed discussion, please see the following CFTC Release: here.

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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Elise Michael, Katten Law Firm, New York, Finance Law Attorney
Associate

Elise Michael represents clients in the financial services industry. Prior to joining Katten, Elise was at J.P. Morgan Chase, where she supported the Private Bank’s advisory and alternatives businesses.

While in law school, Elise was a corporate scholar in the Samuel & Ronnie Heyman Center on Corporate Governance and the managing editor of the Cardozo Arts & Entertainment Law Journal. She also served as an intern with the US Commodity Futures Trading Commission (CFTC).

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