Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, March 2, 2007

SEC's Sirri Speaks on Regulation of Foreign Exchanges and Brokers

Erik R. Sirri, Head of Market Regulation, SEC, spoke on March 1 on Trading Foreign Shares, in which he recognized that:

foreign financial services companies have been increasingly reaching out to U.S. institutions pursuant to conditional exemptions from broker-dealer registration. But as the ease at dealing from overseas with U.S. persons has grown, and regulatory oversight in foreign jurisdictions has evolved, foreign securities firms and markets have inquired about access to U.S. markets without U.S. regulation, based on the nature and quality of their supervision. I believe the time has come to reconsider our approach and to allow access under conditions that protect U.S. investors and maintain the integrity of U.S. markets.

He goes on to set forth a cooperative approach to using the SEC's exemptive power in the regulation of foreign exchanges and foreign broker-dealers.

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