TITLE: United States Securities and Exchange Commission Announces Regulatory Harmonization Initiative with Commodity Futures Trading Commission BODY: On March 10, 2026, Securities and Exchange Commission (SEC) Chairman Paul S. Atkins announced a comprehensive regulatory harmonization initiative with the Commodity Futures Trading Commission (CFTC) to reduce regulatory friction and promote market efficiency in derivatives markets. Speaking at the FIA Global Cleared Markets Conference in Boca Raton, Florida, Atkins outlined the SEC's commitment to coordinating with the CFTC across multiple regulatory domains. The harmonization initiative addresses overlapping regulatory requirements for dually registered firms operating under both agencies' frameworks. Key components include: establishing substituted compliance principles whereby one agency's framework may satisfy comparable requirements of the other; launching a joint SEC-CFTC Harmonization webpage enabling market participants to request coordinated discussions with staff from both agencies; coordinating product applications and exemptive relief requests to prevent firms from being redirected between regulators; and streamlining examination and enforcement oversight through an updated Memorandum of Understanding (MOU). The SEC and CFTC will coordinate examination planning for dually regulated entities and share supervisory findings subject to confidentiality protections. Regarding enforcement, the SEC stated that the era of duplicative enforcement actions and conflicting remedial obligations for identical conduct is concluded, with both agencies committing to coordinate legal theories and remedial strategies within their independent statutory authority. Additional focus areas include modernizing security-based swap data reporting through amendments to Regulation SBSR, with the temporary SBSR Compliance Statement set to expire in 2029, and clarifying Title VII definitional issues regarding event contracts and security-based swaps. The SEC directed staff to work with CFTC staff to identify viable paths forward for innovative products, including cross-margining arrangements and packaged cash-futures products.

CRITICAL BEHAVIORAL RULES (these override all other instructions): - Always generate an update. Never refuse, never ask for more information, and never say you cannot produce output. - If the source content is in a non-English language, translate and summarise it into English. - If the source content is sparse, administrative, procedural, or lacks expected regulatory elements, extract and present whatever information is available. This includes personnel appointments, cabinet changes, institutional restructures, and any official government action. - Never include disclaimers or meta-commentary about source quality, translation limitations, or content gaps. - If you cannot determine a piece of information, simply omit it rather than noting its absence. - Content scope is broad: generate updates for all government and official publications including regulatory changes, legislation, consultations, decrees, personnel appointments, institutional announcements, administrative decisions, and any other government or authority action. Do not filter by topic relevance. You are an AI assistant generating Horizon scanning updates for government, regulatory, and institutional content. GROUND RULES FOR HORIZON SCANNING UPDATES: Title Requirements: - The jurisdiction must appear in the update title - For PC/FS updates, use title case - Titles must be declarative statements (not questions) Body Text Requirements: - Target 200-250 words, but shorter is acceptable when source material is limited - Include as many of the following as the source material supports: jurisdiction, authority, brief description of the development or action, relevant dates (effective dates, announcement dates, enforcement dates) - Include links to relevant legislation where applicable - Reference all initialisms in full on first use (e.g., "Financial Conduct Authority (FCA)") - Must be factual only - no speculation or sweeping statements - When information is unavailable, simply omit it rather than noting its absence Format your response as: TITLE: [Your declarative title with jurisdiction] BODY: [Your factual summary with all required elements]

Horizon Scanning Outline. Purpose of Analyst writing Horizon Scanning Updates Distil the key points of the development for clients to quickly see what is changing without reading the whole source. Provide updates to key events from government and regulatory bodies, including consultations, legislation, decrees, appointments, and institutional changes. Simplify complex updates and sources so that they’re succinct, concise and clear to read. Consistently structure and write updates in the same format. Structure of Horizon Scanning Updates Always think about: Who (Authority) is publishing/enforcing the content/regulation? Where (Jurisdiction)? What type of document or announcement is it (e.g., consultation, regulation, decree, appointment, institutional change)? What is changing/being informed? Who is this update applicable to (credit, e-money institutions, etc.)? Why is this update noteworthy? What is its significance? When is the update applicable? Title Describe what the update is about. Include the jurisdiction (where); subject (authority - who); and a verb (doing word such as issues, publishes, launches, etc.- what). All titles should be written in present tense. Avoid using acronyms Approx 10 - 20 words Example Turkey’s Personal Data Protection Authority Publishes Data Protection Guidance Paragraph 1 Open with the date of the update (When) Name the authority that released the update (Who) Summarise the release (What) Example On June 20, 2025, the Securities and Exchange Board of India (SEBI) launched a consultation on guidelines for responsible usage of artificial intelligence (AI) and machine learning (ML) in Indian securities markets. Paragraph 2 Summarise key points. The change/amendment aiming to achieve (what) What is its objective, why is it happening? Why is it significant? (why) Who does it impact or concern? (Who) The aim is to summarise large source documents so the reader doesn’t need to do it themselves. DO NOT just copy the first few sentences of the document. Example SEBI aims to produce guidelines providing high-level principles for market participants to establish reasonable procedures and control systems for the supervision and governance of AI/ML applications and tools. To develop this, SEBI created a working group to: Study Indian and global best practices. Prepare the guidelines. Address the concerns and issues arising from AI/ML usage. SEBI is consulting on the following principles to develop the guidelines: Model governance: Market participants should have an internal team with adequate skills and experience to monitor and oversee the use of AI/ML-based models. Investor protection and disclosure: Market participants using AI/ML that impacts their customers should disclose such usage. Relevant use cases include algorithmic trading, asset management, advisory, and support services. The disclosure must include product features, purpose, risks, limitations, and other relevant information. Testing framework: Market participants should adequately test and continuously monitor AI/ML-based models to validate their results. Fairness and bias: AI/ML models should not favour or discriminate against any group of clients. Data privacy and cybersecurity: As AI/ML systems rely on data processing, market participants should maintain a clear policy for data security. Paragraph 3 Acts as a “Call To Action”. Provide forward looking context: What actions need to be taken? Who needs to take action? Next steps to the development. Include any relevant dates (When) Response dates - should always be provided for consultations Effective dates - should be used if we know definitively that the act/reg is coming into effect on a specific date, i.e., it has been passed/adopted. Example The comment period ends on February 2, 2026, at 11:59pm and responses can be submitted here. The comment response is expected to be published in April 2026. References Should always be included, and should come from a primary source, i.e., an authority, not a news source. General Style Notes: 200-250 words Active voice Authorities and companies referenced as a single entity (“It”, not “they”) Titles in title case Internal Vixio vocabulary guide Content Style Guide Spelling should generally be in UK English, except for North American-facing (US/Canada/Caribbean) content. A Acronyms - should be spelt out in first instance with acronym in brackets. For example, Financial Conduct Authority (FCA). Act - when just referring to “the act”, it does not need a capital a. Active prose - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE)) Advise/advice - advise (verb) - to offer suggestions (for example, I advised them to sell). - advice (noun) - give formal suggestions (for example, I gave them advice). Advisor NOT adviser Affect - verb - “have an effect on something, make a difference” Alternate/Alternative - Alternate (adjective) - means every other - Alternative (noun) - strictly one out of two - Alternative (adjective) - the other of two things. Although - not to be interchanged with “while” - means “in spite of” NOT “at the same time”. AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT Among/while NOT Amongst/whilst API - application programming interface Apostrophes - to be used in possessives, i.e. an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s). Article/Part/Section - should be capitalised when referring to a specific article - e.g., Article 4 of the Gambling Act. Assure/ensure - not to be confused - assure means “tell someone something positively to dispel doubts”, ensure means “makes certain something will occur”. B Between - should always appear with “and” NOT “to” - for example, between this summer and next summer. Big tech - two words, breaks convention of other tech words Bills - U.S. bill names should appear without full points and a space between the letters and numbers (i.e. SB 522 NOT SB522 or S.B. 522). Brackets - square brackets should be used to denote deletions or additions in quotes. Buy now, pay later - no hyphens Bullet points - see Lists C Capitalisation - all important words should have a capital in titles (i.e. just not joining words such as and/of/the/a) Cardrooms not card rooms Cases - legal cases should appear in italics, with a v for versus. Casino-resorts NOT casino resorts or resort-casinos Chief executive NOT chief executive officer Colons (:) - used between independent clauses when the second clause explains, illustrates or expands on the first (i.e. to introduce lists, quotes) Commas - to be used in figures to denote thousands to avoid confusion with years (i.e, $2,000 NOT $2000) Comparisons - compare with (highlighting differences) - compare to (highlighting similarities) Companies/organisations - singular entities (it NOT they) should be followed by “which/that” rather than “who” Ltd, not Limited Complement - to accompany something/add value Compliment - give praise (complimentary = free) Compound adjectives - should be hyphenated (sports-betting operators / first-quarter earnings) Comprise/comprising - should NOT be followed with “of”, as it means to “consist of” Conjunctions - should appear with a semi-colon before and a comma afterwards (; however, / ; therefore,) Continually - if something occurs repeatedly/regularly in the same way Continuously - if something occurs without interruption or gaps Contractions - don’t, can’t, won’t, etc. to be avoided in copy (except in marketing material and depending on tone) Contrast - by contrast - when comparing one thing to another - in contrast - simply noting a difference Counsel/Council - counsel = advice, guidance; council = an advisory group or meeting Court of Justice of the European Union (CJEU) rather than ECJ Cryptocurrency - one word, not hyphenated. Crypto-assets - hyphenated Cybersecurity - one word, not hyphenated CTF - counter-terrorism financing - NOT CFT/countering the financing of terrorism Currencies - if not using common symbols (£, $, €), then three-letter code should be used before the figure (no spaces) - for example, PLN50,000. Full term lower case (eg euro, baht, pound, dollar) m for million, bn for billion, trn for trillion. D Date format - Month, Day, Year (e.g., March 7, 2019) For Insights & Analysis summary text: can just say “today”, e.g., “Today a bill was passed for…” For Insights & Analysis body text: dates should always accompany days of the week in brackets, e.g., “On Wednesday (June 8) a bill was passed...” For NIBs: always use dates rather than days. Department for Digital, Culture, Media & Sport - ampersand Directives - for commonly used directives, style is 4th Anti-Money Laundering Directive (4th AMLD), revised Payment Services Directive (PSD2) - try to use widely known titles rather than just numbers to ensure the directives are more easily recognised. DLT - distributed ledger technology E Effect - noun - “cause something to happen”. Em dash (—) - should be used as a conjunction, not a hyphen or en dash (–). Ensure/assure - not to be confused - ensure means “makes certain something will occur”, assure means “tell someone something positively to dispel doubts”. esports NOT eSports or e-sports Euros - should be denoted with a “€” (CNTRL+ALT+4) NOT “EUR”. F fintech NOT FinTech Footnotes - avoid where possible, if necessary write them into the text or add links. G GGR - “gross gaming revenues” Government - does not need a capital g. Governor - should be written out in full, NOT Gov. Guidance (singular and plural) - does NOT need to be preceded by “a” (Guide/guides, Guideline/guidelines) H Headlines - all words should begin with a capital Horseracing NOT horse racing Hyphenation - DO: land-based, fixed-odds, cross-border, invitation-only, fast-tracked (if “a fast-tracked application”), match-fixing, year-on-year, up-to-date, whistle-blowers, six-month period, non-fungible tokens, crypto-assets, e-money - DON’T: email, blocklist, whitelist, whitelisted, cybersecurity, cryptocurrency, white paper I Impact - should be used as a noun - i.e. the new act will have an impact on… - verb means “come into forcible contact with something else”. - using “affect” as a verb is more accurate. J Judgment - legal decision Judgement - one’s own opinion Jargon - avoid using confusing terms or tabloidese, e.g. use players rather than punters. Job titles - should appear in commas after a name - for example, Neil McArthur, Gambling Commission chief executive. OR before a name with no commas - for example, Gambling Commission chief executive Neil McArthur DON’T need capitals unless a figure of importance (i.e., Prime Minister, President) Italics - whole chunks of text from legislation should be italicised; however, short quotes do not need to be. Justice Department - U.S. Department of Justice - to appear with caps (as requested by US team). K KYC - know your customer L Legislature - does not need a capital l. Less than - NOT to be confused with “fewer than” when referring to a number of something. i.e. fewer than 100 gambling tables. Licence - noun (UK), i.e. a driver’s licence License - verb/noun (US) Lists - bulleted lists should generally begin with a cap and end with a full stop (make sure they are consistent). M MONEYVAL NOT Moneyval More than - to be used instead of “over”. i.e., more than 20 players rather than over 20 players. N Names - should appear before job titles in commas - for example, Neil McArthur, Gambling Commission chief executive. Names - should be written in full in first instance and then the surname used throughout. Numbers - 1-10 should be written out (except for percentages and measurements); should always be written out at the start of sentences. Non-fungible tokens - all lowercase (non-fungible tokens) O Offence - noun (UK), i.e. commit an offence Offense - noun (US) Organisations/companies - singular entities (it NOT they) should be followed by “which/that” rather than “who” Oxford comma - (appears before “and” or “or”) - to be used sparingly and only when necessary to avoid any confusion in a sentence (i.e., where more than one “and/or” appears). Over - should not be used as a replacement for “more than”. P Parliament - does not need a capital p. Part/Section/Article - should be capitalised when referring to a specific part - e.g., Part 4 of the Gambling Act Passive voice - should always try to write in active rather than passive - more direct and clearer (For example - The report was released by the Gambling Commission (PASSIVE); The Gambling Commission released the report (ACTIVE)) Past/passed - past is a noun/adverb/adjective - “in the past”, “past experience”. - passed is the past tense of “to pass” - “the law was passed in government”. Prepaid, not pre-paid Percentages - numbers should always be written as figures percent NOT per cent or % Figures should appear with a full point between them NOT comma (for example, 5.7 percent NOT 5,7 percent) Possessives - require an apostrophe and should not be confused with plurals - i.e., an operator’s licence NOT an operators licence (for plurals, should appear after the s, with no second s). Prepositions - keep an eye out for missing prepositions - according “to”/ in accordance “with”/ in relation “to” / with regard “to” Principal - main, most important Principle - a fundamental source or basis of something Programme (UK) Program (US, UK - for computer program, Australian English) Q Quotes - speaker should be referenced in the past tense (said NOT says) Quote marks - double quote marks should be used for speech - single quote marks should only be used for titles and within quotes. (See Quote reference sheet for more information on how to use quotes.) R regtech NOT RegTech Repetition - avoid using words that mean the same thing (“and also” / “include, among others” / VLT terminals / ATM machines) Racetracks not race tracks S Seasons - when referencing a specific season of a year should be treated like a proper noun, i.e. should include a capital - Winter 2018. Section/Article/Part - should be capitalised when referring to a specific section - e.g., Section 4 of the Gambling Act. Semi-colons (;) - should be used to link two independent clauses that are closely related; or in lists without bullet points. (Do not overuse - often a full stop and new sentence will be better.) Sports betting NOT sportsbetting Sports team names Storey (pl. storeys) - level of a building (UK English) (story/stories - US English) T That defines, which informs Third person - “you” - avoid where possible. Titles - all important words should begin with a capital (i.e. just not joining words such as and/of/the/a) Tenses - content should generally be written in past tense - present tense should be used for something that has just happened and will be continuing into the future. U United States abbreviated to U.S. (Americas-focused stories on GC) / US in international content when mentioned in passing or across PC USA PATRIOT Act - should be kept as such, i.e. with caps, as it’s an acronym for “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act”) U.S. Department of Justice - Justice Department (with capitals as requested) V Vixio GamblingCompliance / Vixio PaymentsCompliance Vixio (to be used on its own after first instance) W Which informs, that defines While/among NOT Whilst/amongst While - not to be interchanged with “although” - means “at the same time” NOT “in spite of”. X Y Year quarters - Q1, Q2, H1, H2, etc. Z Acronyms AML/CTF - anti-money laundering and counter-terrorism financing - NOT AML/CFT API - application programming interface DLT - distributed ledger technology --- Now, given the above instructions and style guide, please generate a horizon scanning update based on the following webpage content. Generate the update regardless of the source language, content type, or level of detail available — this includes administrative decrees, personnel appointments, institutional changes, and any other official content. Use whatever information is present. SEC.gov | Fostering Regulatory Harmony Between the SEC and CFTC Skip to search field Skip to main content Official websites use .gov A .gov website belongs to an official government organization in the United States. Secure .gov websites use HTTPS A lock ( Lock A locked padlock ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites. More in this Section Speech Fostering Regulatory Harmony Between the SEC and CFTC Paul S. Atkins, Chairman FIA Global Cleared Markets Conference Boca Raton, Fla. March 10, 2026 Good afternoon, ladies and gentlemen. It is a pleasure to join you here at Boca 2026—a gathering that represents both the depth of the derivatives industry and the dynamism of the ideas and infrastructure that undergird modern risk transfer. The derivatives markets represented in this room are among the most sophisticated in the world. When these markets function well, they distribute risk to those who are best positioned to bear it. When these markets are burdened by fragmentation and regulatory friction, liquidity recedes, costs rise, and resilience weakens. The coherence of our regulatory frameworks determines which of those outcomes prevails. So today, I want to speak about regulatory harmonization between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). [1] Learning from Our History Now, before I proceed further, it is instructive to place the harmony that we are working toward within the context of our history. For decades, Congress has maintained a functional division between the regulation of securities and commodity derivatives. That framework has served our markets well. After all, the Securities Exchange Act and the Commodity Exchange Act reflect different histories and distinct purposes. The SEC, born from the ashes of the 1929 market crash, has overseen securities markets with a mission to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The CFTC, while formally created in 1974, has deep roots regulating commodity futures and commodity derivatives markets with its own statutory framework and regulatory philosophy. This division perhaps made some sense at a time when these two markets were distinct ecosystems. But over time, innovation has a way of blurring those boundaries. When regulatory regimes fail to keep up—and diverge without clear justification—efficiency does not improve, and market integrity does not strengthen. Instead, unnecessary divergence simply imposes cost. Regulatory friction is a tax on efficient risk allocation, and in globally competitive markets, that burden is ultimately borne by American investors, savers, and businesses. With these principles in mind, and under President Trump’s leadership, I am pleased to report that we are reorienting our approach toward a new golden age of regulatory coherence. Yesterday, Chairman Selig eloquently offered you all a glimpse into that golden age by affirming that “harmonization is not a side-show; it is integral to opening up new avenues for entrepreneurs. Once innovators know that regulators are paying attention to their own core mandates, these risk-takers are more likely to move forward.” Recognizing Equivalence: Substituted Compliance Which is why I should now like to turn to substituted compliance—not in the traditional cross-border sense, but as a principle to apply between the SEC and the CFTC themselves. I have previously described the concept of a regulated “super-app.” In the technology world, a super-app integrates multiple services into a single seamless interface. The user does not toggle between separate systems to complete related tasks. Instead, integration occurs invisibly behind the scenes. Financial regulation today reflects the opposite design. A dually registered firm must navigate two agencies, two regulatory regimes, two or more examination cycles, two reporting pipelines, and often two supervisory cultures, even where the underlying risks are substantially similar. And that is before accounting for the additional layers that may apply if the firm is part of a bank holding company or subject to oversight by an SRO. The principle that ought to guide us instead is straightforward: where one agency’s framework achieves comparable regulatory outcomes, then it should be capable of satisfying overlapping requirements of the other. Of course, our objective is not to precipitate regulatory arbitrage, but to produce regulatory coherence. Product Coordination: Transparency and Collaboration Now, more than aligning our rules, a harmonized framework also demands coordinating our responses to the firms that operate within it, including those that have questions of interpretation or request exemptive relief. When firms approach the agencies, they should receive clear answers, not prolonged silence. Derivatives traders are a creative, energetic bunch that should not feel compelled to avoid a bespoke arrangement just because it is near the jurisdictional lines. To these ends, I have directed staff to begin joint meetings with CFTC staff on product applications. We have also launched a SEC-CFTC Harmonization webpage where market participants can request coordinated discussions with staff from both agencies. Firms should not be shuffled back and forth between regulators when a product touches elements of both regulatory frameworks. Nor should clarity depend on which agency happens to speak first. Where jurisdiction overlaps, the most effective response is a coordinated one. Cross-margining offers one clear opportunity to unlock liquidity that would otherwise have remained frozen in separate accounts. We have also received significant interest in innovation earlier in the trade lifecycle. Tightly correlated cash and futures products reflect market efficiency. Market participants may explore approaches to “trade a package” to bring about this efficiency. Speaking in broad terms, both the CFTC and SEC may need to consider relief to make these sorts of products possible. I encourage the industry to continue to bring these ideas to us and have instructed the staff to work with the CFTC staff to find viable paths forward where possible. Paving the Way for Innovation in SEC-regulated markets We should also consider whether our own procedural timelines appropriately reflect the pace of modern markets. For example, the statutory framework governing exchange rule filings was designed to provide a meaningful review period, but not to impose unnecessary delay. Congress contemplated a baseline review period measured in weeks, not months, and the Commission should remain attentive to whether current practices are consistent with that intent—particularly for bringing novel products to market. In addition, it is past time that the Commission work with the CFTC to provide clarity on a range of Title VII definitional issues, including whether certain event contracts may be security-based swaps or other types of securities, such as options on securities. National securities exchanges are increasingly exploring the role that event-based products might play within SEC-regulated markets. These instruments can offer transparent, exchange-traded ways for market participants to express views about economic outcomes or hedge discrete risks. Whether registered with the SEC or with the CFTC, market participants deserve clarity and good-faith cooperation from their regulators. Through our efforts to do so, we can create a level playing field where established firms and new entrants alike can compete and innovate on equal footing – each having a seat at the table in shaping the future of our financial markets. Whether you are based in Chicago, New York City, Dallas, or Miami, I am confident that we can work together to facilitate increased competition in the marketplace. Coordinated Oversight: Examinations and Enforcement Harmonization is not limited to rulemaking. As we speak, the SEC and CFTC are considering an updated Memorandum of Understanding (MOU) between the agencies to guide coordination and collaboration that can support innovation, uphold market integrity, and ensure investor and consumer protection. As will be highlighted in our Harmonization MOU, examination and enforcement oversight present opportunities for coordination—and can create similar costs in its absence. Many institutions operate under both regulatory regimes simultaneously. Yet examinations may proceed without regard for each other and the burdens imposed by multiple, potentially overlapping exams. Coordinated exam planning for dually regulated entities should become standard practice. Shared supervisory findings, subject to assurances of confidentiality, should be the norm rather than the exception. In practice, this will require that the SEC often coordinate not just with the CFTC, but also with SROs that deal with registrants daily, such as FINRA and the National Futures Association. With regards to enforcement, let me be clear: the regrettable era of duplicative enforcement actions and conflicting remedial obligations for the same conduct is over. Conduct in a single operating environment means that the SEC and CFTC, within the bounds of their independent statutory authority and regulatory interests, should coordinate legal theories and remedial strategies. Fragmented, redundant enforcement does not increase deterrence—it only increases confusion. Quality over Quantity: Data Reform Swap and security-based swap data is another area where harmonization has delivered, and can continue to deliver, significant benefits. Since the advent of security-based swaps reporting in 2021, SEC market participants have universally relied on the Commission’s temporary SBSR Compliance Statement to report security-based swap transactions in a manner consistent with CFTC rules. The Compliance Statement is set to expire in 2029, and I have asked the staff to consider any necessary amendments to Regulation SBSR with the goal of codifying a harmonized reporting regime. We also plan to work closely with the CFTC to ensure that we are collecting the data necessary to meet statutory objectives—no less, no more. When we require extensive data without appropriately calibrating the burdens and benefits, we can actually hinder rather than enhance understanding and accountability. I welcome feedback from market participants on how we can further improve and modernize our security-based swap data reporting regime. The Path Forward: Coherence as a Competitive Advantage In closing, I take as my final words those of Adam Smith, who published the Wealth of Nations exactly 250 years ago yesterday. In his abiding wisdom, Smith posited that prosperity requires little more than “easy taxes” and the “tolerable administration of justice.” By that measure, the regulatory morass that has been built, including duplicative obligations for identical risks, falls short. The SEC and the CFTC operate under distinct statutes entrusted to us by Congress, and we must administer those mandates faithfully. But fulfilling our responsibility does not require fragmentation; in fact, it calls for coordination. Properly executed, harmonization furthers our statutory mission through a commitment to coherence across markets that increasingly function as an integrated whole. We can do better—and we intend to. The United States leads global derivatives markets because our regulatory system is credible. Credibility rests on more than rules alone. It rests on clarity. On consistency. And on a widely held confidence that regulators coordinate intelligently in lieu of competing in turf wars that offer no benefit to investors. As we continue this work, I want to thank the many market participants here who are engaging constructively with our agencies. I am also grateful for the dialogue that this forum helps to facilitate. It has been a pleasure speaking with you today. You all have been a very patient and indulgent audience. And Walt [Lukken], I very much look forward to the discussion to follow. Thank you. [1] The Chairman’s views expressed in these remarks do not necessarily reflect those of the SEC as an institution or of the other Commissioners. Last Reviewed or Updated: March 10, 2026

SEC.gov | Fostering Regulatory Harmony Between the SEC and CFTC

Classification

Pipeline Progress

🔄 Pipeline Journey

🤖 How this summary was made

Full AI Instructions