SEC and CFTC Announce Historic Memorandum of Understanding

Agencies aim to harmonize regulatory interests and support innovation

Mar. 16, 2026 at 3:53pm

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The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have published a comprehensive framework for coordination and collaboration between the two agencies. The March 11 Memorandum of Understanding (MOU) is meant to guide coordination and collaboration to support lawful innovation, uphold market integrity, and ensure investor and customer protection.

Why it matters

The coordination between the SEC and CFTC is intended to provide a framework that will allow the agencies to work together when there is jurisdictional overlap, improve regulatory clarity, consistency and efficiency, and create regulations that consider the economic realities of the marketplace. This marks a significant step in reducing regulatory silos and friction that have historically stifled innovation.

The details

The MOU outlines plans for the SEC and CFTC to focus their coordination on areas where their jurisdiction and regulatory work overlap, including clarifying product definitions, modernizing clearing and margin frameworks, reducing frictions for dually registered entities, providing a framework for crypto assets, and streamlining regulatory reporting. The agencies also agreed to enhance coordination on examinations, enforcement, economic analysis, risk monitoring, and surveillance.

  • The SEC and CFTC published the Memorandum of Understanding on March 11, 2026.

The players

Securities and Exchange Commission (SEC)

The primary U.S. financial regulatory agency responsible for overseeing the securities industry, including stocks and options exchanges, broker-dealers, investment advisors, and mutual funds.

Commodity Futures Trading Commission (CFTC)

The independent agency that regulates the U.S. derivatives markets, including futures, options, and swaps.

Paul S. Atkins

Chairman of the Securities and Exchange Commission.

Michael S. Selig

Chairman of the Commodity Futures Trading Commission.

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What they’re saying

“For decades, regulatory turf wars, duplicative agency registrations, and different sets of regulations between the SEC and CFTC have stifled innovation and pushed market participants to other jurisdictions.”

— Paul S. Atkins, SEC Chairman

“This MOU will serve as a roadmap for a new era of harmonization between the agencies — one that is critical to support U.S. leadership in this next chapter of financial innovation.”

— Paul S. Atkins, SEC Chairman

“By working together, the Agencies will eliminate duplicative, burdensome rules and close gaps in regulation for the benefit of all Americans and usher in a Golden Age of American finance.”

— Michael S. Selig, CFTC Chairman

What’s next

The SEC and CFTC plan to hold regular meetings to identify and discuss regulatory issues, share data, inform each other of overlapping interests, and implement staff cross-training to further their coordination efforts.

The takeaway

The MOU between the SEC and CFTC represents a significant step towards reducing regulatory silos and friction that have historically hindered innovation in the financial industry. By committing to enhanced coordination and collaboration, the agencies aim to provide greater regulatory clarity, consistency, and efficiency for market participants.