Ladies and Gentlemen, I want to emphasize that the Central Bank and SEC do have frequent contact with each other as regulators. The Chairman of the SEC and I often consult each other on matters of mutual regulatory concern. The Central Bank has a representative on the Board of Commissioners of the SEC.
Our Financial Institutions Supervision Department speaks regularly to the SEC’s enforcement personnel. From a legal perspective, however, when the paths of the Central Bank and the SEC intersect in the conduct of our duties, as it often does, we are duty bound by law to stay firmly within the confines of our own regulatory backyards.