Regulatory Brief: CFTC and IFSRA to cooperate on futures laws
The United States Commodity Futures Trading Commission (CFTC) and the Irish Financial Services Regulatory Authority (IFSRA) are preparing to cooperate in enforcing futures laws.
The two organisations have signed a Statement of Intent (SOI) concerning consultation and cooperation in the administration and enforcement of futures laws.
CFTC Chairman James E. Newsome and IFSRA Prudential Director Patrick Neary signed the SOI on behalf of their respective authorities in Boca Raton, Florida, during the Future Industry Association's Annual International Futures Industry Conference.
According to the SOI, the CFTC and the IFSRA recognise an "increased international activity in futures transactions and the corresponding need for mutual cooperation."
To this end, the SOI provides a framework for information sharing, thereby facilitating cooperation in cross-border investigations of potential violations of commodity futures and options laws.
CFTC Chairman Newsome stated: "We are pleased to sign the SOI today with the Irish Financial Services Regulatory Authority. Ireland has long been an important international derivatives center, with which the Commission has had a relationship dating back to 1994, when the Commission approved the New York Board of Trade's FINEX Division trading floor in Dublin."
Newsome continued: "The SOI we sign today provides a direct information sharing arrangement with the IFSRA that will be an important tool in ensuring the integrity of markets and in enhancing the protection of customers in both countries."
In addition to the SOI signed today, the CFTC has bilateral cooperative arrangements with authorities in Argentina, Australia, Brazil, Canada (Ontario and Québec), France, Germany, Hong Kong, Italy, Japan, Jersey, Mexico, The Netherlands, New Zealand, Portugal, Singapore, South Africa, Spain, Taiwan, Turkey, and the United Kingdom.
The CFTC also is authorised to request assistance from Switzerland under the US-Swiss treaty on mutual assistance in criminal matters.
- Special Reports
- By Location
- Asian Hedge Funds
- BVI Hedge Fund Services
- Bermuda Hedge Fund Services
- Canada Hedge Fund Services
- Cayman Hedge Fund Services
- Channel Islands Stock Exchange
- Future of offshore funds
- Gibraltar Hedge Fund Services
- Guernsey Hedge Fund Services
- Hedge Funds in Germany
- Hong Kong Hedge Fund Services
- Ireland Hedge Fund Services
- Isle of Man Hedge Fund Services
- Jersey Hedge Fund Services
- Jersey Private Equity Services
- Latin American Hedge Funds
- London Hedge Fund Services
- Luxembourg Hedge Fund Services
- Malta Hedge Fund Services
- Middle East Hedge Fund Services
- Singapore Hedge Fund Services
- South African Hedge Fund Services
- Spanish Hedge Funds 2008
- Switzerland Hedge Funds
- US East Coast Hedge Fund Services
- US Hedge Fund Services
- By Subject
- Conference reports
Latest Special Report
- By Location
- How to set up a hedge fund