The U.S. Securities and Exchange Commission and the U.K.'s Financial Services Authority have formalized an arrangement that would call for greater cooperation in market oversight and supervision. In signing the memorandum of understanding, SEC Chairman Christopher Cox said, “Both the SEC and the FSA share a commitment to keeping our markets open, fair, transparent and sound under constantly changing circumstances. He added, “The additional tools for information exchange that we will gain from this arrangement will enhance our mutual ability to supervise the world’s largest securities firms and markets.” Among other things, the agreement calls for exchange of information about regulated entities and investment banking groups that operate on both sides of the pond.
