The French Autorite des Marches Financiers (AMF)and the US Commodities Futures Trading Commission (CFTC) have signed an MOU [memorandum of understanding] to collaborate on supervised firms. The AMF regulates securities as well while the CFTC is focused on commodities and futures.
As financial services have become more global, fluid and very fast, the agreement to work together makes quite a bit of sense. The two agencies said they would work together on fulfilling their respective regulatory duties.
The two agencies have also agreed to meet periodically to share information about covered firms.
The AMF and CFTC will also allow on site visits from each side with the “visiting” agency providing advance notice of an intent to pay a visit to a covered firm.
“The MOU we enter into reaffirms the AMF and the CFTC long established commitment to cooperation,” said AMF Chair Marie-Anne Barbat-Layani. “It will enable us to strengthen our cooperation in the supervision of entities falling within the scope of the agreement, particularly in the areas of investor protection, maintaining market integrity and confidence, and reducing systemic risk.”
Chair of the CFTC Rostin Behnam said that by partnering across jurisdictions this ensures that supervisory structures meaningfully address issues impacting each markets and while supporting growth.
