Note: The President's Working Group on Financial Markets, while not a regulatory agency, is comprised of Members from the Secretary of the Treasury, the Chairman of the SEC, together with the Chairman of the Federal Reserve, and the Chairman of the Commodities Futures Trading Commission, each of which are described below, along with a number of other pertinent regulatory bodies, both U.S.-based on abroad.
The American Stock Exchange (Amex) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 309 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.
Autorité Des Marchés Financiers
The Autorité des marchés financiers (AMF), France’s financial services authority, was formed from the merger of the Commission des opérations de bourse (COB), the Conseil des marchés financiers (CMF) and the Conseil de discipline de la gestion financière (CDGF). The AMF is an independent public body formed to safeguard investments in financial instruments and in all other savings and investment vehicles; ensure that investors receive material information; maintain orderly financial markets.
Caribbean Financial Action Task Force
The Caribbean Financial Action Task Force (CFATF) is an organization of thirty states of the Caribbean Basin, which have agreed to implement common countermeasures to address the problem of criminal money laundering. It was established as the result of meetings convened in Aruba in May 1990 and Jamaica in November 1992. The main objective of the Caribbean Financial Action Task Force is to achieve effective implementation of and compliance with its recommendations to prevent and control money laundering and to combat the financing of terrorism. The Secretariat has been established as a mechanism to monitor and encourage progress to ensure full implementation of the Kingston Ministerial Declaration.
Cayman Island Monetary Authority
The Cayman Islands Monetary Authority (CIMA) was established as a body corporate under The Monetary Authority Law which was brought into force on 1st January, 1997. The former responsibilities, duties and activities of the Financial Services Supervision Department and the Cayman Islands Currency Board now fall to the Authority which was created from the merger of these two bodies. The Authority, however, was not established just to continue what was already in place under a different guise but rather to enhance Cayman's ability to maintain a well regulated financial services regime and monetary stability.
The Central Bank of Ireland, which came into being in 1943, was re-structured and re-named as the Central Bank and Financial Services Authority of Ireland (CBFSAI) on 1 May 2003. This body carries out all of the activities formerly carried out by the Central Bank of Ireland and additional regulatory and consumer protection functions for the financial services sector. The CBFSAI has two component entities: the Central Bank, which has responsibility for monetary policy functions, financial stability, economic analysis, currency and payment systems, investment of foreign and domestic assets and the provision of central services; and the Irish Financial Services Regulatory Authority which is an autonomous entity within the CBFSAI and has responsibility for financial sector regulation and consumer protection.
Commodity Futures Trading Commission
Congress created in the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The agency's mandate has been renewed and expanded several times since then, most recently by the Commodity Futures Modernization Act of 2000 (CFMA). Today, the CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, ensuring their integrity, protecting market participants against manipulation, abusive trading practices, and fraud, and ensuring the financial integrity of the clearing process. Through effective oversight, the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk.
Commissione Nazionale per la Societá e la Borsa
Commissione Nazionale per la Societá e la Borsa (CONSOB) is the authority responsible for controlling Italy’s market for financial products; its goals are to protect investors and promote efficiency, transparency and development of the markets.
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks. It also supervises the federal branches and agencies of foreign banks. The OCC is headed by the Comptroller, who is appointed by the President, with the advice and consent of the Senate, for a five-year term. The Comptroller also serves as a director of the Federal Deposit Insurance Corporation (FDIC).
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC), an independent agency of the federal government, preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $100,000; by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports. FASB is officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. The Securities and Exchange Commission has statutory authority to establish financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. Throughout its history, however, the Commission’s policy has been to rely on the private sector for this function to the extent that the private sector demonstrates ability to fulfill the responsibility in the public interest.
Financial Action Task Force on Money Laundering
Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit in response to mounting concern over money laundering. Recognizing the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission, and eight other countries. The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering.
The Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator for all securities firms doing business in the United States. All told, FINRA oversees over 5,000 brokerage firms, about 171,000 branch offices and more than 672,000 registered securities representatives.
Created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services.
FINRA touches virtually every aspect of the securities business—from registering and educating industry participants to examining securities firms; writing rules; enforcing those rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms. It also performs market regulation under contract for The NASDAQ Stock Market, the American Stock Exchange, the International Securities Exchange and the Chicago Climate Exchange.
National Futures Association (NFA) is the industry-wide, self-regulatory organization for the U.S. futures industry. Membership in NFA is mandatory, assuring that everyone conducting business with the public on the U.S. futures exchanges, more than 4,200 firms and 55,000 associates, must adhere to the same high standards of professional conduct. NFA is an independent regulatory organization with no ties to any specific marketplace.
NYSE Euronext operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services. NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data.
North American Securities Administrators Association
The North American Securities Administrators Association (NASAA) is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.
Federal Reserve Board of Governors
The Federal Reserve System is the central bank of the United States. The Federal Reserve’s duties include: conducting the nation’s monetary policy; supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers; maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; and providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system.
The Federal Reserve Bank of New York
The Federal Reserve Bank of New York works within the Federal Reserve System.
The International Organization of Securities Commissions
The International Organization of Securities Commission’s (IOSCO) membership regulates more than 90% of the world's securities markets and IOSCO is the world's most important international cooperative forum for securities regulatory agencies. IOSCO members regulate more than one hundred jurisdictions.
The Securities and Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) is an independent non-governmental statutory body outside the civil service, responsible for regulating the securities and futures markets in Hong Kong.
UK Financial Services Authority
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000 that regulates the financial services industry in the UK.
U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) oversees the key participants in the securities world, including securities exchanges, securities brokers and dealers, investment advisors, and mutual funds. Crucial to the SEC's effectiveness is its enforcement authority. Each year the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Though it is the primary overseer and regulator of the U.S. securities markets, the SEC works closely with many other institutions, including Congress, other federal departments and agencies, the self-regulatory organizations like the stock exchanges, state securities regulators, and various private sector organizations.
U.S. Department of the Treasury
Treasury’s role is as the steward of U.S. economic and financial systems, and as an influential participant in the international economy. The Department of the Treasury is the primary federal agency responsible for the economic and financial prosperity and security of the United States, and as such is responsible for a wide range of activities including advising the President on economic and financial issues, promoting the President’s agenda, and enhancing corporate governance in financial institutions.
In the international arena, the Department of the Treasury works with other federal agencies, the governments of other nations, and the International Financial Institutions (IFIs) to encourage economic growth, raise standards of living, and predict and prevent, to the extent possible, economic and financial crises.