Securities and Futures Markets: Cross-Border Information Sharing Is Improving, but Obstacles Remain
GGD-92-110
Published: Jul 28, 1992. Publicly Released: Jul 28, 1992.
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Highlights
Pursuant to a congressional request, GAO provided information on U.S. oversight of international market activity, focusing on: (1) the types of information various nations' securities and futures regulators need in order to share and meet market oversight responsibilities; (2) the extent to which information is currently shared; (3) the types and effectiveness of arrangements used for sharing information; (4) impediments and solutions to sharing information; and (5) the effectiveness of existing international organizations in addressing issues related to international information sharing.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should provide CFTC the same legislative authority SEC already has to obtain information on behalf of foreign regulators in order to answer those regulators' requests, without regard to whether the requests raise possible violations of U.S. laws. |
Closed – Implemented
|
Legislation was passed in October 1992. |
| Congress should provide CFTC the same legislative authority SEC already has to guarantee more fully the confidentiality of information provided to it by foreign regulators. |
Closed – Implemented
|
Legislation was passed in October 1992. |
| Congress should provide CFTC the same legislative authority SEC already has to pass non-public information directly to foreign self-regulatory organizations. |
Closed – Implemented
|
Legislation was passed in October 1992. |
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Banking lawBrokerage industryCommodities exchangesInternational cooperationInternational economic relationsLaw enforcementSecurities regulationStock exchangesSecuritiesFutures