SEC, CFTC Show Solidarity

By Lisa Valentine

In a show of solidarity between the Securities Exchange Commission and the Commodity Futures Trading Commission, Gary Gensler, Chairman of the CFTC, described some of the regulations the two agencies are jointly proposing in a speech before the Senate Committee on Agriculture.

Here’s some of what the SEC and CFTC are proposing:

•    Enhance the CFTC’s enforcement authorities to include manipulating practices in the futures markets.
•    Expand opportunities for portfolio margining to allow investors to hold securities and futures in a single account.
•    Have the CFTC and SEC resolve any turf wars regarding product listings quickly or have the matter referred to a federal court of appeals.
•    Force all intermediaries, whether regulated by the CFTC or the SEC, to abide by the same fiduciary standard as registered investment advisors.