International
You may also be interested in...
National Futures Association for registration and disciplinary status
Foreign Boards of Trade Receiving Staff No-action Letters Permitting Direct Access from the U.S.
International Contact
CFTC Office of International Affairs
202-418-5645
202-418-5548, fax
questions@cftc.gov
International
The CFTC's international program supports the Commission's ability to meet the challenges of global financial markets. The Office of International Affairs staff compiles information on applicable law and procedures in jurisdictions around the world; coordinates U.S. information sharing requirements pertaining to oversight and regulation of futures and options; supports the CFTC as it promotes U.S. interests in international fora; and assists foreign regulators in inter-jurisdictional issues involving the U.S.
Foreign Regulatory Authorities
Firms that solicit and/or accept derivatives business from persons located outside the U.S. should be aware of the relevant foreign laws and rules that apply to such business. Rules may vary regarding, for example,
- the need for registration or authorization by a foreign regulator
- the treatment of solicited versus unsolicited business
- retail versus institutional customers and
- Internet-based business.
A comprehensive list of foreign regulatory authorities is maintained by IOSCO (International Organization of Securities Commissions). Ordinary and associate membership lists include government regulators. Affiliate membership lists include exchanges and other self-regulatory organizations.
Foreign Markets, Products, and Intermediaries
The CFTC receives many inquiries concerning what products traded on foreign futures and options exchanges may be offered or sold in the United States and who may offer and sell foreign products to U.S. customers.
CFTC Technical Assistance Program and Annual Training Seminar for Foreign Market Authorities
The CFTC provides technical assistance for emerging markets and hosts delegations from foreign jurisdictions seeking to learn about various aspects of the CFTC’s regulatory program. The CFTC has allowed individual regulators on a case-by-case basis to send staff to the CFTC for consultation, self-study, and visits to futures exchanges. The CFTC has authorized its staff, resources permitting, to travel to foreign locations to provide on-site assistance to individual foreign regulatory authorities.
The CFTC’s annual one-week training seminar held in Chicago for foreign regulators and exchange representatives provides an introduction to the CFTC’s regulatory program and broad policy issues. The seminar includes hands-on workshop opportunities in computer trade practice and financial surveillance. Contact us if you wish to receive details of this year’s seminar.
International Organizations
IOSCO (International Organization of Securities Commissions): The CFTC often collaborates on IOSCO activities helping to pursue U.S. foreign policy objectives internationally and to cultivate international standards and mutual respect among financial market regulators.
Bank for International Settlements (BIS): The BIS is an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. BIS publishes documents relevant to financial services and securities and derivatives markets.
International Monetary Fund (IMF): The IMF, with 184 member countries, was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; foster economic growth and high levels of employment; and provide temporary financial assistance to countries to help ease balance of payments adjustment. IMF’s country member databases provide information on foreign markets and its Special Data Dissemination Standard provides information about economic and financial data disseminated by member countries. IMF Reports on Observance of Standards and Codes summarize the extent to which countries observe certain internationally recognized standards.
Committee of European Securities Regulators (CESR): an independent group of representatives from national public authorities competent in the field of securities. CESR's mandate includes improving coordination among European securities regulators; advising the European Commission in its preparation of draft implementing measures in the field of securities; and ensuring more consistent and timely day to day implementation of EU legislation in the member states.
International Regulators Meeting
The CFTC hosts an annual one-day meeting, by invitation only, for international derivatives regulators at the Futures Industry Association’s International Conference held each March in Boca Raton, Florida. Discussions revolve around issues of interest to international regulators.