The European Commission has published its latest US / EU financial markets regulatory dialogue joint statement. The statement notes that recent achievements include:
- facilitating the EU equivalence determination processes in different sectors;
- launching the US/EU insurance covered agreement negotiations process to address US reinsurance collateral rules and Solvency II issues; and
- improving audit oversight for firms performing cross-border work.
The statement also notes that participants committed to review the functioning of the dialogue with a view to improving US – EU cooperation on financial regulation issues including those relating to funds. It was noted that EU participants reported that the European Securities and Markets Authority is presently examining factors to inform the issuance of its advice by summer to the European Commission regarding the extension of the EU passport to US fund managers. Participants also noted recent useful exchanges to help clarify the effect of the Volcker Rule on foreign funds, and committed to continue discussions to review outstanding concerns, with a view to finding solutions.
The next dialogue meeting will take place in Brussels in July 2016.
View Joint US – EU financial markets regulatory dialogue, 12 February 2016