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Harmonization Between CFTC and SEC
Treasury recommends that the CFTC and the SEC undertake and give high priority to a joint effort to review their respective rulemakings in each key Title VII reform area. The goals of this exercise should be to harmonize rules and eliminate redundancies to the fullest extent possible and to minimize imposing distortive effects on the markets and duplicative and inconsistent compliance burdens on market participants.
- As part of this review, the SEC should finalize its Title VII rules with the goal of facilitating a well-harmonized swaps and security-based swaps regime.
- This effort should also include consideration of the prospects for alternative compliance regimes — for example, a framework of interagency substituted compliance or mutual recognition — for any areas in which effective harmonization is not feasible.
- Public comment should be part of this process.
Treasury recommends that Congress consider further action to achieve maximum harmonization in the regulation of swaps and security-based swaps.
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