SIFMA and IIAC Urge G7 to Support Facilitation of Cross-Border Business
WASHINGTON, DC, Oct. 18 /CNW/ - The Securities Industry and Financial
Markets Association (SIFMA) and the Investment Industry Association of Canada
(IIAC) called on the G7 today to explore global regulatory structures in order
to address the increasingly global nature of financial markets. Specifically,
the associations believe that exemptions from local licensing requirements
should be provided for global firms' cross-border transactions with
"Tailoring reform to eligible foreign firms that serve institutional
clients would create a groundbreaking pilot program among like-minded
international regulators," said Marc Lackritz, president and CEO of SIFMA.
"This essential initial step towards "mutual recognition" will elevate global
supervisory practices and enhance investor protection."
"There is a pressing need for practical reforms to address the myriad of
regulatory obstacles that hinder effective delivery of cross-border financial
services," stated Ian Russell, president and CEO of the IIAC. "We understand
that mutual recognition raises a host of complicated regulatory issues, but
this measured approach provides a foundation for progress toward the G7's
stated goal of free trade in securities."
Such reform will require a number of essential steps: (i) expanding
wholesale cross-border access, (ii) adopting an expeditious and transparent
implementation mechanism, (iii) avoiding impractical regulatory distinctions
such as those limiting trading in mixed portfolios, and (iv) basing regulatory
deference to non-domestic jurisdictions on strengthened agreements for
supervisory cooperation rather than abstract "comparability" determinations.
The Securities Industry and Financial Markets Association brings together
the shared interests of more than 650 securities firms, banks and asset
managers. SIFMA's mission is to promote policies and practices that work to
expand and perfect markets, foster the development of new products and
services and create efficiencies for member firms, while preserving and
enhancing the public's trust and confidence in the markets and the industry.
SIFMA works to represent its members' interests locally and globally. It has
offices in New York, Washington D.C., and London and its associated firm, the
Asia Securities Industry and Financial Markets Association, is based in Hong
The Investment Industry Association of Canada (IIAC), formerly the
industry association arm of the Investment Dealers Association of Canada
(IDA), advances the position of the Canadian investment industry on regulatory
and public policy issues. As the professional association for the industry,
the Investment Industry Association has a mandate to promote efficient, fair
and competitive capital markets for Canada while helping its member firms
across the country succeed in the industry.
For further information:
For further information: Travis Larson, (202) 216-2057,
firstname.lastname@example.org; Katie O'Dell, (416) 687-5478, email@example.com