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SEC and CFTC propose joint IT task force

20 October 2009  |  7098 views  |  0 handshake

The Securities and Exchanges Commission and Commodity Futures Trading Commission want to create a joint IT task force as part of a wider move to harmonise their work and improve cooperation.

The call comes in a joint report to the US Congress containing 20 recommendations to enhance enforcement powers, strengthen market and intermediary oversight and improve operational coordination.

The joint information technology task force would link publicly-filed information, providing a consolidated database on people and entities regulated by the CFTC and SEC to "promote transparency and facilitate the use and understanding of such information", says the report.

An integrated database would also assist staff at both agencies in conducting investigations, examinations, enforcement matters, and market surveillance activities, say the watchdogs.

In addition, the report recommends that the task force explores linking or coordinating the National Futures Association BASICdatabase and the Investment Adviser Registration Depository.

Commenting on the report, Mary Schapiro, chairman, SEC, says: "This report is another step forward in our effort to reform the regulatory landscape and ensure greater harmonization between our agencies. I believe these recommendations will help to fill regulatory gaps, eliminate inconsistent oversight, and promote greater collaboration."

You can read the full report here.

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