U.S. SEC Chairman: Cooperation with the CFTC will include joint meetings and joint inspections, among other things

PANews reported on March 11 that Paul Atkins, Chairman of the U.S. SEC, stated that the SEC and CFTC are developing a memorandum of understanding to enhance coordination and cooperation between the two regulatory agencies. Atkins mentioned at the FIA Global Clearing Markets Conference that both parties are "repositioning towards a golden age of regulatory coordination," with cooperation covering joint meetings, rule interpretations, enforcement decisions, and joint inspections of regulated entities. Atkins pointed out that businesses should not be passed back and forth when their products fall under the regulatory frameworks of both agencies, nor should they rely on which agency speaks first for clarity. The two parties will establish a joint meeting mechanism to handle product applications and launch a "coordination" website for businesses to request collaborative discussions with both agencies. Coordinated cooperation will also extend to enforcement decisions and regulatory inspections to avoid duplicate reviews by multiple regulatory entities. Atkins also reiterated the intention to pave the way for "super apps," allowing users to conduct business across the jurisdictions of both agencies within a single interface