The SEC-CFTC Harmonization Initiative is a collaboration between the SEC and the Commodity Futures Trading Commission (CFTC) to focus on strengthening the regulatory framework of U.S. financial markets by coordinating seamlessly, reducing duplicative regulation, and providing markets with the clarity they deserve.
"By aligning regulatory definitions, coordinating oversight, and facilitating seamless, secure data sharing between agencies, we will ensure our rules and regulations deliver the clarity market participants deserve."
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Memorandum of Understanding
The SEC and CFTC have entered into a Memorandum of Understanding (MOU) to guide coordination and collaboration between the two agencies to support lawful innovation, uphold market integrity, and ensure investor and customer protection.
SEC Requests for Comment
The SEC has requested public comment on the following harmonization matter:
Staff Statement on Affiliations Between National Securities Exchanges and Broker-Dealers
- Staff Statement on Affiliations Between National Securities Exchanges and Broker-Dealers
- Submit a Comment on Staff Statement on Affiliations Between National Securities Exchanges and Broker-Dealers
- View Comments Received on Staff Statement on Affiliations Between National Securities Exchanges and Broker-Dealers
Joint Requests for Comment
The SEC and CFTC have issued three joint requests for public comment:
Approach
Staff from both agencies are engaging with market participants to develop practical solutions that:
- Eliminate duplicative and conflicting regulatory requirements
- Provide clear guidance on jurisdictional boundaries
- Create streamlined pathways for innovative financial products and services
- Ensure robust investor and market protections remain intact
- Foster an environment where American innovation can thrive
The work of the Harmonization Initiative encompasses traditional financial products as well as emerging technologies and market structures. SEC and CFTC staff coordinate closely with relevant regulators across the government and, when necessary, seek appropriate guidance and authority from Congress.
Stakeholder Engagement
SEC and CFTC staff behind the Harmonization Initiative are actively engaging with industry leaders, market participants, and the public through meetings and roundtable discussions. Meaningful dialogue with all stakeholders is essential to crafting effective, practical solutions that serve the American public.
Request a Meeting
Market participants and interested members of the public are invited to request a joint meeting with SEC and CFTC staff to discuss harmonization issues and help develop solutions.
Provide Written Input
Use this web form to provide written input on issues the two agencies are considering during the harmonization process.
Review Written Input
All written submissions are being posted without modification to encourage productive dialogue and continued engagement.