The undersigned financial services trade associations1, based in the US and Europe, today issued the following statement in support of a Transatlantic Trade and Investment Partnership (TTIP) that includes financial services regulatory coordination, in advance of the March 26 EU-US Summit attended by US President Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso:
“The EU-US Summit being held this week offers the opportunity for policymakers to further strengthen the longstanding ties of friendship and trust between the two jurisdictions and to deepen their coordination on economic issues to significant mutual advantage. As part of this, there is the opportunity to enhance their financial regulatory coordination process. This is fundamental to our intertwined economies and financial markets. Importantly, a financial services regulatory framework between the US and EU would facilitate and guide efforts to promote consistent and coordinated high-quality regulatory standards in global markets, providing significant benefits to clients. The opposite approach – divergent and conflicting regulation – risks damaging global growth, job creation, and investment and may hinder the important advances in the effectiveness and strengthening of the new regulatory environment.“
"As both jurisdictions robustly implement the G-20 Pittsburgh Summit mandates, we believe that policymakers should strengthen coordination through inclusion of financial services in TTIP. As such, it is only logical that there be a mechanism for consistency and coordination in the implementation of such regulatory reforms, as is being discussed for other economic sectors. “This week’s Summit is a critical opportunity to strengthen the transatlantic relationship, build trust, enhance coordination, reduce conflict and confusion, and improve the efficiency of regulations across jurisdictions for the benefit of regulators and the regulated alike.”
1The statement was issued by: The Association for Financial Markets in Europe, Association Française des Marchés Financiers, Asociacióne de Mercados Financieros, Associazione Italiana Intermediari Mobiliari, Bundesverband der Wertpapierfirmen e.V., Chamber of Brokerage Houses, Danish Securities Dealers Association, European Banking Federation, FIA, FIA Europe, Financial Services Forum, Financial Services Roundtable, Institute of International Finance, Securities Industry and Financial Markets Association, and Swedish Securities Dealers Association.
