Within financial regulatory enforcement there has long been a culture of cooperation between national regulatory authorities. As the level of cooperation in regulatory investigations between the FSA and the SEC grows, financial services institutions and those who work for them can expect to see these agencies casting an increasingly wide net in terms of the scope and targets of their enforcement efforts. This note looks in more detail at the current level of cooperation between the UK’s Financial Services Authority ("FSA") and the U.S. Securities and Exchange Commission ("SEC"). In particular, this note will address the first ever examination by an English court of the powers of the FSA to assist an overseas regulator with information gathering, and the SEC’s increasing reliance on cooperation-based strategies in both international and domestic matters.

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