On May 11, 2010, SEC Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler announced the formation of a joint committee that will address emerging regulatory issues relating to both agencies. The first item on the committee’s agenda is conducting a review of the market events that caused the May 6, 2010 market events and making recommendations related to market structure issues that may have contributed to the volatility, as well as disparate trading conventions and rules across various markets.

The joint advisory committee will address subjects such as:

  • identifying emerging regulatory risks
  • assessing and quantifying the impact of such risks and their implications for investors and market participants
  • furthering the SEC’s and CFTC’s efforts on regulatory harmonization

Chairman Schapiro and Chairman Gensler will serve as co-chairs of the Joint Committee. The committee’s duties will be solely advisory, and each agency alone will determine whether to take action or make policy with respect to matters within their respective authority based on the committee’s advice or recommendations.

http://www.sec.gov/rules/other/2010/33-9123.pdf 

http://www.sec.gov/news/press/2010/2010-75.htm