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SEC and CESR discuss regulatory reform initiatives

16 Nov 2010

The Securities and Exchange Commission (SEC) and the Committee of European Securities Regulators (CESR) had a high-level meeting discussing regulatory reform efforts in the United States and European Union.

The meeting focused on regulation of over-the-counter derivatives and oversight of credit rating agencies and managers of hedge and private equity funds. Further, they shared views on market structure issues, systemic risk, and issues relating to the convergence of IFRS and U.S. GAAP. Since many global financial firms operate in both the United States and Europe, the SEC and CESR members agreed to discuss a method to improve the effectiveness and minimize the conflicts which will arise for firms subject to new rules from both markets.

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