The Commodity Futures Trading Commission and the Securities and Exchange Commission have issued a joint report identifying areas where the agencies’ regulatory schemes differ and recommending actions to address those differences, where appropriate.

In June, the White House released a white paper on financial regulatory reform calling on the CFTC and SEC to “make recommendations to Congress for changes to statutes and regulations that would harmonize regulation of futures and securities.”

The report includes 20 recommendations to enhance enforcement powers, strengthen market and intermediary oversight and improve operational coordination.

“In this report, our agencies rose above the usual challenges and came together to offer meaningful recommendations to improve our oversight of the financial markets,” CFTC chairman Gary Gensler (pictured) says. “This is just one important step. Now we must continue to work together to implement these recommendations and work with Congress to secure necessary changes in statute to best protect the American public.”

“This report is another step forward in our effort to reform the regulatory landscape and ensure greater harmonization between our agencies,” adds SEC chairman Mary Schapiro. “I believe these recommendations will help to fill regulatory gaps, eliminate inconsistent oversight, and promote greater collaboration.”

Over the past several months, the CFTC and the SEC have engaged in extensive discussions, including their first ever joint public meetings last month. The meetings solicited views from members of the investor community, academics, industry experts and market participants on the current regulatory scheme, harmonization of the agencies’ rules and recommendations for changes to statutes and regulations. The agencies also solicited written comments to further assist their deliberations.