Securities and Exchange Commission Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler recently announced the formation of a joint committee that will address emerging regulatory issues.  The establishment of this committee was one of many recommendations included in the agencies’ harmonization report issued last year.  The first item on the committee’s agenda will be to review last Thursday’s market events and to make recommendations related to market structure issues, disparate trading conventions and rules across various markets.

Read More: http://www.sec.gov/rules/other/2010/33-9123.pdf

The Committee’s charter provides for a broad scope of topics to be addressed, including:
1. Identifying of emerging regulatory risks.
2. Assessing and quantifying of the impact of such risks and their  implications for investors and market participants.
3. Furthering the SEC’s and CFTC’s efforts on regulatory harmonization.

To achieve the Committee’s goals, the Chairmen of the SEC and CFTC will appoint approximately 10 – 15 members.   The Committee will operate for two years from the date it is established unless, before the expiration of that time period, its charter is re-established or renewed.