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26 October 2016
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.
For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000) or email (email@example.com, firstname.lastname@example.org or email@example.com). The Shearman & Sterling website can be accessed at www.shearman.com.
(1) The memorandum is available at www.cftc.gov/idc/groups/public/@internationalaffairs/documents/file/cftc-fca-supervisorymou100616.pdf.
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