Substituted compliance requires global oversight, warns Iosco’s Wright

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A system of substituted compliance between national regulators is unlikely to work unless overseen by a global body that can settle disputes and co-ordinate rule-making, according to David Wright, secretary-general of the International Organisation of Securities Commissions (Iosco).

The topic rose to prominence following guidance from the Commodity Futures Trading Commission last July. The regulator sought to apply its rules to a broad swath of US and foreign banks – whether they are trading in

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