Regulators from Canada, the European Union, Hong Kong, Japan, Singapore and the U.S. met Thursday in Paris to discuss the regulation of the over-the-counter derivatives markets.
Since mid-2011, the authorities have engaged in a series of bilateral technical dialogues on OTC derivatives regulation, but the meeting hosted by the European Securities and Markets Authority at its headquarters in Paris is the first time they have met as a group to discuss their implementation efforts.
Representatives from Canada were Mary Condon, vice chair of the Ontario Securities Commission, and Louis Morisset, superintendent of securities markets at l’Autorité des marchés financiers du Québec.
In the meeting, they addressed the cross-border issues related to the implementation of new legislation and rules to govern the OTC derivatives markets in their respective jurisdictions. And they agreed to continue bilateral regulatory dialogues and to meet as a group again in early 2012.
Canadian securities regulators recently published the second in a series of eight planned consultation papers on the development of a framework for regulating OTC derivatives, which sets out a series of proposals that are designed to improve regulatory oversight of OTC derivatives transactions.
CSA proposes framework to improve the regulation of OTC derivatives