Appendix 4 – FY 2013 Planned Objectives by Strategic Goal (continued)
Goal Four: Enhance integrity of U.S. markets by engaging in cross-border cooperation, promoting strong international regulatory standards, and encouraging ongoing convergence of laws and regulation worldwide.
The Commission recognizes that markets are global as the result of electronic access, linkages, mergers, and cooperative business arrangements. The CFTC historically has supported programs that facilitate cross-border access to markets and products, such as our recognition program for intermediaries and our registration category for foreign boards of trade. Both of these programs are based on recognition of foreign home country regulators that comparably and comprehensively provide oversight, allowing the CFTC to rely on this foreign regulation. These programs reflect our understanding that no one regulator alone will have all of the information or authority to supervise global business.
Effective regulation requires international coordination and necessitates that the Commission cooperate with foreign market authorities to supervise U.S. markets and protect U.S. customers. Additionally, the Commission works closely with relevant international organizations to promote high-quality derivatives regulation worldwide and convergence where possible. The CFTC also provides technical assistance to emerging and recently-emerged markets to help these jurisdictions in establishing and implementing laws and regulations that foster global market integrity.
The Dodd-Frank Act increases the need for international outreach. Section 752 of the DFA states that the Commission “shall consult and coordinate” with foreign authorities to establish “consistent international standards” regarding regulation of swaps. Many of the new entities subject to regulation under the Dodd-Frank Act are located abroad and the Commission will closely coordinate with foreign regulators in order to supervise these global entities.
Summary of Goal Four Performance Indicators
| Performance Measure 4.1.1.1: Days allotted for acknowledgment of incoming requests for enforcement assistance from our international counterparts pursuant to our information sharing arrangements. | Plan | Actual | |
|---|---|---|---|
| FY 2011 | 5 Days | 1 Day | |
| FY 2012 | 4 Days | ||
| FY 2013 | 3 Days | ||
| Performance Measure 4.1.1.2: Regular issuance of outgoing international requests for enforcement assistance and referrals made by the CFTC to foreign regulators pertaining to matters involving their jurisdictions. | Plan | Actual | |
| FY 2011 | N/A | N/A1 | |
| FY 2012 | N/A | ||
| FY 2013 | N/A | ||
| Performance Measure 4.2.1.1: Number of international regulatory and standard-setting working groups in which the Commission participates. | Plan | Actual | |
|---|---|---|---|
| FY 2011 | 9 | 12 | |
| FY 2012 | 9 | ||
| FY 2013 | 9 | ||
| Performance Measure 4.3.1.1: Number of non-U.S. regulators trained. | Plan | Actual | |
|---|---|---|---|
| FY 2011 | 60 | 225 | |
| FY 2012 | 65 | ||
| FY 2013 | 70 | ||
| 1 N/A = Not applicable. Performance data not available until applicable regulations are effective. (back to text) | |||