The European Commission has published a joint statement on the US/EU financial markets regulatory dialogue (FMRD). Officials who attended the meeting included representatives of the Commission, the European Supervisory Authorities, the US Treasury, the Commodity Futures Trading Commission and the Securities and Exchange Commission.

The purpose of the meeting was to exchange information on regulatory developments, identify potential regulatory conflicts and discuss shared interests in continuing to implement robust standards.

At the meeting, the authorities agreed on the following objectives to frame their bilateral engagement through the FMRD in 2014:

  • derivatives: participants reiterated the need for all G20 jurisdictions to address and implement in a timely matter the G20 commitments on over-the-counter derivatives. Discussions on the scope for equivalence and comparability findings will intensify. When new initiatives are finalised by either jurisdiction, a consensus will be sought in as many areas as possible. An evaluation will take place by mid-2014 at the next FMRD meeting and at the end of 2014;
  • insurance: participants agreed to continue their robust co-operation under the EU/US insurance dialogue project;
  • banking: participants agreed to continue to co-operate on the consistent implementation of prudential banking standards for internationally-active banks; and
  • resolution: participants agreed on the need to develop a shared understanding of the challenges involved in the effective resolution of large cross-border banks. They committed to give priority to the issue in 2014, with a view to continuing to work together to find practical solutions to the identified challenges. Participants will report on identified challenges and obstacles at the next FMRD meeting as well as discuss structural reform proposals.

At the meeting, EU officials also reiterated their request to include a financial regulatory co-operation framework in the Transatlantic Trade and Investment Partnership. However, the US officials reiterated that financial regulatory co-operation should continue separately from existing global and bilateral fora.

The next FMRD meeting will be held in July 2014.

View Joint statement – Financial Markets Regulatory dialogue, 30 January 2014