“Global regulators are holding closed-door meetings with financial industry representatives to discuss derivatives rules that banks have sought to curb, according to three people with knowledge of the matter.
“Regulators including the U.S. Commodity Futures Trading Commission and the Hong Kong Securities and Futures Commission met in Washington yesterday to discuss the cross-border reach of derivatives rules, according to the people, who asked not to be named because the meetings are private. The meeting, convened by the International Organization of Securities Commissions, included representatives of the world’s largest swap dealers as well as consumer advocates.
“The Iosco panel is gathering information on differences between rules in the U.S. and elsewhere in an effort to improve coordination of regulations put in place since the 2008 credit crisis. The group has also held meetings in London and Hong Kong, one of the people said.
“The international reach of swap rules has been among the most contentious issues between regulators and financial firms that operate around the world. Wall Street lobbying groups representing banks including Goldman Sachs Group (GS) Inc. and JPMorgan Chase & Co. sought in a December lawsuit to limit the CFTC’s ability to impose rules outside the U.S.”
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