US SEC signals it may OK European funds

LUXEMBOURG – The US financial regulator, the Securities and Exchange Commission, has signalled that it may propose mutual recognition between US and European investment funds.

“I’m proposing mutual recognition of regulated mutual_funds if regulated in Europe by a recognised regulator,” said SEC commissioner Roel Campos. “Why not allow them to be sold in the US?”

“So I’m promoting the idea of bringing the highest level of rules together, so that when the y are close we can consider bringing them together,” Campos told the 13th annual Europe-USA Investment Funds Forum in Luxembourg today.

He cited a similar arrangement with Canada but warned there were potential legal hurdles – and that he was expressing his own opinion and not SEC policy.

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