The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement after the SEC and the Canadian Securities Administrators (CSA) announced a schedule for the completion of a process agreement that would open the way for discussion of a potential U.S.-Canada mutual recognition arrangement.
“We welcome today’s announcement, as it confirms that both the U.S. and Canada have a strong interest in seeing a mutual recognition agreement completed as quickly as possible,” said David Strongin, managing director at SIFMA. “This is an important step in meeting the challenges presented by today’s globalized capital markets. Mutual recognition is a win-win for both countries – it will increase investment opportunities, streamline compliance and enhance liquidity.”
“While we appreciate the SEC’s efforts to develop updated regulatory structures that address the increasingly global nature of the financial marketplace, SIFMA would like to see tangible steps taken in the short-term to more quickly integrate global regulatory systems,” added Strongin. “As such, SIFMA has requested that the SEC act immediately to amend the 19 year-old Securities Exchange Act Rule 15a-6 in order to reflect the current realities of the international marketplace. Such a move would eliminate unnecessary inefficiencies from international financial transactions, increase investment opportunities for investors and improve the competitiveness of the U.S. financial services industry.”