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


Chairman Mary L. Schapiro

U.S. Securities and Exchange Commission

Washington, D.C.
September 3, 2009

Good morning, and welcome to the second day of the SEC and CFTC's joint meetings on harmonization of market regulation here at SEC Headquarters. I am pleased to once again be joined by Chairman Gensler and my fellow Commissioners from the SEC and CFTC. I would like to take this opportunity to thank our distinguished panelists who are with us today to share their insights, advice, and recommendations on this important topic. I would also like to thank the staffs of the SEC and CFTC who have worked so diligently to organize these joint meetings.

Yesterday during our first day of the joint meetings, we heard from three separate panels that discussed a broad range of issues, including the regulation of exchanges and markets, clearance and settlement, margin requirements, and the regulation of intermediaries. I think it is worth highlighting, however, that portfolio margining was one topic that garnered significant interest from our panelists. As we work through issues of harmonization, I believe this is one area that we will need to look at closely and early.

Today we will continue the discussion on harmonization with a panel on enforcement and investor rights and remedies, followed by a panel that will focus on the regulation of pooled investment vehicles. Public input will help inform the SEC and CFTC on where harmonization may be needed and how it may be achieved, where potential gaps exist and how they should be addressed, and where there may be potential overlap. I am confident that the insight we gained from the discussion yesterday and will gain from today's discussion will help the SEC and CFTC make progress on the goals expressed in the Administration's white paper as we seek to build a common foundation for market regulation.

I would again like to welcome and thank our distinguished panelists for their participation and contributions to our efforts. The insight that you provide today will be extremely valuable to the SEC and CFTC as we go forward in this initiative.

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Modified: 09/03/2009