CFTC and SEC Joint Hearing on the Harmonization of Market Regulation

September 3, 2009

On September 3, Ken Raisler testified before a joint hearing held by the Commodity Futures Trading Commission (CFTC) and the Securities & Exchange Commission (SEC) on the harmonization of market regulation. The joint hearings, a first for the two agencies, arose out of the Obama Administration’s White Paper released on June 17, which called for the CFTC and the SEC to make recommendations to Congress for changes to statutes and regulations that would harmonize the regulation of the futures and securities markets. The panel focused on enforcement harmonization, among other issues, and also included David Downey, CEO of OneChicago; Daniel Roth, president and CEO of National Futures Association; William McLucas, partner at Wilmer Cutler; Damon Silvers, associate general counsel of the AFL-CIO; and Richard Owens, partner at Latham & Watkins. Mr. Raisler was quoted in an August 31 Derivatives Week article about the meeting, "Everybody recognizes that there is no status quo and we're looking at very significant changes going forward. You really need to develop a harmonization scheme that can be sustained in a new environment."