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FSA links up with US counterpart

The FSA has agreed to cooperate with US securities regulator the Financial Industry Regulatory Authority in policing the world’s biggest securities firms and markets.

According to the FSA, the two bodies have entered into a memorandum of understanding over greater information exchange on firms and individuals.

Finra is a private organisation in the US that regulates the securities industry, including stock exchanges and stockbrokers, and advises the US Securities and Exchange Commission.

The FSA and Finra will also share regulatory techniques, including shared approaches to risk-based supervision of firms.

FSA managing director of supervision John Pain and Finra chairman and chief executive officer Richard Ketchum co-signed the agreement.
Pain says: “Given the linkages between our markets, it is vital that both regulators cooperate closely with each other.”

Ketchum adds: “To ensure consumer protection and market integrity in today’s global market, regulators must work together with key partners.

“Under this agreement the FSA and Finra will be able to share information more freely and expeditiously in support of the oversight of common firms and investigations into wrongdoing.”

Whitechurch Securities senior analyst Ben Seager-Scott says: “As globalisation kicks in and it turns out that more regions are correlated, regulators cannot afford to have an isolated view. But we do not want Finra dictating things to UK companies.”


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