U.S. regulators will inject risk into the derivatives market if they don't take more time to coordinate Dodd-Frank Act rules with their overseas counterparts, six Democratic senators said.
The Commodity Futures Trading Commission (CFTC), facing a July 12 deadline to determine the overseas reach of its rules, should take additional time to coordinate oversight with other regulators, the senators said in a letter yesterday to Treasury Secretary Jacob J. Lew.
"Creating an overly complicated compliance system for market participants will result in conflicting, duplicative or inconsistent rules that could foster new and unforeseen risks and lead to international regulatory arbitrage," the senators said. "More time is needed for domestic harmonization and sequencing with regulations that occur abroad."
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