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U.S. Securities and Exchange Commission

Speech by SEC Commissioner:
Opening Remarks before the SEC-CFTC Joint Meetings on Regulation Harmonization


Commissioner Kathleen L. Casey

U.S. Securities and Exchange Commission

Washington, D.C.
September 2, 2009

Good morning and thank you, Chairman Gensler and Chairman Schapiro. I am pleased to be here at this important joint hearing with my colleagues from the SEC and the CFTC. I would first like to commend the staffs of the two agencies for putting together a roster of panelists with such exceptional ability. They are here today representing a wide array of interests and perspectives. I look forward to hearing their highly developed views on the challenging, and critical, issues relating to harmonization of securities and futures regulation.

We are here today, as already noted, because the Administration has called on the two agencies to complete a report to Congress identifying all existing differences in statutes and regulations. The report must either explain why any differences are necessary or recommend statutory and regulatory changes.

It is important for financial regulators to work well together. This does not necessarily mean that we will always agree; but to the extent that we do disagree, it should be based on reasoned principles, not merely jurisdictional interests.

Of course, we stand ready to implement any changes that Congress deems necessary.

But in the meantime, as Chairman Schapiro noted, the SEC is committed to continuing its constructive working relationship with the CFTC in order to benefit investors and the markets through enhanced investor protection, market integrity, regulatory clarity, and innovation.

Once again, thank you to the two respective staffs for assembling five terrific panels comprised of 30 participants over the two days of hearings. And thank you to all the panelists who are lending their wisdom and expertise to this important and worthwhile harmonization effort. I look forward to their presentations and the subsequent dialogue with all of the commissioners.


Modified: 09/10/2009