On 15 October 2019, the European Commission (Commission) and the Financial Services Agency of Japan (JFSA) published a joint statement (dated 11 October) on the inaugural meeting of the joint EU-Japan regulatory forum held in Tokyo.

Senior officials present at the meeting included representatives from the Bank of Japan, the European Central Bank, the European Banking Authority, the European Securities and Markets Authority and the Single Resolution Board.

The discussions revolved around the regulatory cooperation framework under the Japan-EU economic partnership agreement. In addition, JFSA and EU delegates discussed the EU’s equivalence and Japanese deference frameworks, including possible enhancements in information exchange between both jurisdictions.

The JFSA and Single Resolution Board exchanged letters on cooperation in the area of banking resolution. The exchange of letters will provide a basis for effective cooperation for cross-border resolution planning and implementation. Both parties also agreed to co-host a resolution workshop in 2020 as part of continued cooperation between the two jurisdictions.

Finally, the delegates agreed to engage on the various topics discussed in the meeting, as well on other topics of mutual interest ahead of the next forum meeting, which is expected to take place in Brussels in 2020.