CBRF Response to IOSCO Task Force on Cross-Border Regulation

The Cross-Border Regulation Forum (including the IIF and other associations) submitted the industry's response to IOSCO's "˜Cross Border Regulation Consultation Report'on February 23.

IOSCO's consultation covered the available "˜tools' for greater regulatory co-ordination across national borders, most notably national treatment, recognition (deference) and passporting. The industry's response has conveyed that there is no "˜one size fits all' solution, but that recognition/deference generally offers the most advantages for policymakers and market participants alike.

The consultation also raised the role of IOSCO in cross-border issues, and our submission emphasizes the criticality of international regulatory coordination to financial stability and to end users having access to a range of products. The members of the Cross-Border Regulation Forum support the FSB's stated view that IOSCO should play a leadership role in promoting coordinated and consistent regulatory approaches.