On October 13, 2011, SEC Chairwoman Mary L. Schapiro and senior SEC staff met with the UK Financial Services Authority's (FSA) Chief Executive, Hector Sants, and its Managing Director of the Conduct Business Unit, Martin Wheatley, as part of the continual SEC-FSA Strategic Dialogue to discuss regulatory approaches to current issues.

Views on several different topics were discussed during this SEC-FSA dialogue:

  • issues relating to over-the-counter derivatives
  • technology-driven trading strategies
  • market surveillance
  • short selling
  • participation in the Financial Stability Board and the International Organization of Securities Commissions
  • the impact of current regulatory reform efforts being undertaken in both jurisdictions

Both Chairwoman Schapiro and FSA CEO Sants believe that the dialogue and close cooperation between the SEC and the FSA are important to achieving regulatory consistency and enhancing regulation for bettering transparency, mitigating systemic risk and preventing regulatory arbitrage.

Since 1986, the SEC and FSA have had a close relationship and restated their commitment to working together and continuing discussions in the areas of common regulatory interest including cross-border enforcement cases, the oversight of dually-regulated firms and the global regulatory agenda.