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SIFMA Statement on SEC Approval of Cross-Border Swaps Rules
Washington, D.C., June 25, 2014 - SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO following the Securities and Exchange Commission's unanimous decision to adopt cross-border security-based swaps rules and guidance:
"We appreciate the SEC moving forward through the appropriate rulemaking process to adopt cross-border rules. Given the global nature of the swaps market, it is essential that we have clarity on jurisdictional lines and that we continue to work with regulators in other jurisdictions to promote coordination in the oversight of our markets. As the SEC moves forward with its Title VII rulemaking, we encourage rulemakers in the U.S. and abroad to coordinate in implementing rules governing the swaps market, in furtherance of the goals of the G20 and Dodd-Frank."
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.