Clifford Chance

SEC and CFTC Market Abuse and Fraud Enforcement Regimes Compared: Becoming Similar but Still Materially Different

23 February 2016

Unlike some other jurisdictions (for example, England), which designate a single prudential regulator to oversee conduct in (and operation of) the financial markets, the U.S. divides responsibility for policing specific portions of the financial markets amongst a variety of regulators with oversight of particular types of financial products.  This means that, rather than monitoring all aspects of their business for compliance with a single, unified set of governing rules and regulations, participants in the U.S. markets must comply with a patchwork of several regulatory regimes, with particular agencies asserting primacy over the market for a given instrument.

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