Cross-border regulation of over-the-counter derivatives will be the "next step" in rulemaking at the U.S. Securities and Exchange Commission, agency Chairman Elisse Walter said in her first speech since she assumed the top job. "The cross-border rules will be the next step. .... It's very important. We will put that out for public comment," Walter told a public meeting of the SEC's Investor Advisory Committee in Washington. The Dodd-Frank Act requires the SEC and the CFTC to write a raft of rules covering the $650 trillion over-the counter derivatives market. The SEC has been slower than the CFTC in writing the derivatives rules, but it has also faced criticism from lawmakers for being too aggressive with its rulemaking. Last month, the SEC and the CFTC and regulators from countries including Japan, Brazil and Singapore agreed to work together on a plan that would take into account differences in legal systems when the countries consider the cross-border application of derivatives
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