The U.S. Commodity Futures Trading Commission, facing concerns from European and Asian regulators about the scope of new swaps rules, should rely on overseas authorities when possible, Commissioner Mark P. Wetjen said.
"In light of the commission's limited resources, efficient regulation through deference to comparable regulation just makes sense," Wetjen, one of three Democrats on the five-member CFTC, said today in remarks prepared for delivery at an International Swaps and Derivatives Association Inc. conference in New York.
The CFTC's proposal for the international reach of its Dodd-Frank Act rules needs more clarity, and it is "critically important" that the agency rely on a process of letting firms comply with new rules by substituting adherence to regulations enacted abroad, he said.
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