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The SEC should immediately start with necessary regulatory reforms, SIFMA says in a statement on the SEC announcement on mutual recognition, and calls for modifications to a 19-year old rule, known as 15a-6. “We are concerned that the opportunity to deliver tangible results is slipping away” said Ira Hammerman, senior managing director and general counsel of SIFMA. “The clock is ticking, and we urge that the SEC take action now.”
“With 15a-6 still on the books, firms are forced to meet byzantine requirements written at a time when fax machines were the leading telecommunications tool”, Hammerman complains. A re-writing would eliminate unnecessary inefficiencies in international financial transactions, increase investment opportunities and improve the competitiveness of the
In the longer-term any cross-border regulatory modernization effort will involve developing a “mutual recognition” framework that would recognize comparable regulatory regimes in other countries, as laid out briefly by the SEC, SIFMA notes.