On October 6 2016 the Commodity Futures Trading Commission (CFTC) announced that Chair Timothy Massad and Andrew Bailey, chief executive of the UK Financial Conduct Authority (FCA), have signed a memorandum of understanding regarding cooperation and the exchange of information in the supervision and oversight of certain regulated firms that operate on a cross-border basis in the United States and the United Kingdom.(1)
Through the memorandum, the CFTC and FCA express their willingness to cooperate in the interest of fulfilling their regulatory mandates. The scope of the memorandum includes the 20 firms registered with the CFTC as swap dealers.
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(1) The memorandum is available at www.cftc.gov/idc/groups/public/@internationalaffairs/documents/file/cftc-fca-supervisorymou100616.pdf.