U.S. and European Union financial associations want coordinated, simplified and cost-efficient regulatory convergence in trans-Atlantic capital markets to minimize differences and encourage competition, the groups announced today.
A simplified regulatory approach could lead to more brokerage firms, more competition and lower cost, among other investment benefits, said Will Acworth, spokesman for the Futures Industry Association, Washington, one of the groups that commissioned a report on the issue.
Regulations that could be simplified and coordinated include those governing investment adviser registrations and corporations issuing securities, and for anti-money laundering and customer classification, he said. The report, which has not yet been released, intends to encourage discussions among the Council of European Securities Regulators, the SEC and the Commodity Futures Trading Commission, Mr. Acworthsaid.
Other organizations that commissioned the report are the Securities Industry Association, ABA Securities Association, Bankers' Association for Finance and Trade, British Bankers' Association, and Futures and Options Association.
