July 03, 2019

US Treasury published a joint statement based on the meeting of the U.S.-EU Joint Financial Regulatory Forum in June 2019 in Brussels. As part of the ongoing regulatory dialog, participants from U.S. and EU institutions discussed the financial supervisory and regulatory developments, along with the priorities for future. Views were exchanged on various developments in the banking sector, insurance sector, and capital markets, along with the potential implications of Brexit.

The following are the key highlights of discussions:

  • In the area of banking, participants discussed implementation of the final Basel III reforms, recent developments regarding host-country regulation of foreign banks, and resolution planning for global systemically important banks. For the United States, topics included the recent U.S. proposal on foreign banking organizations and the treatment of foreign funds under the Volcker Rule. For EU, topics included elements for the completion of the Banking Union, including risk-reduction and risk-sharing.
  • Regarding capital markets, relevant participants discussed supervision and regulation of cross-border activities, including European Market Infrastructure Regulation (EMIR) 2.2 in EU, potential proposals regarding the derivatives clearing organization regulations of CFTC, and the proposed cross-border guidance of SEC for security-based swap dealers in the United States. Participants also exchanged views on margin requirements for non-centrally cleared derivatives, on payments for investment research, and on the transition to new reference rates.
  • Participants took stock of insurance issues and of ongoing discussions in multilateral fora on market fragmentation. 
  • Additional topics included the monitoring of leveraged lending, an update on the EU proposal for a regulation on taxonomy of environmentally sustainable economic activities, the EU regulation on sustainability-related disclosures in the financial sector, and the development of payment services in euro. 

EU participants included representatives of EC, EBA, ESMA, EIOPA, ECB, Single Supervisory Mechanism (SSM), and SRB. U.S. participants included officials from the U.S. Treasury and staff from independent regulatory agencies, including FED, CFTC, FDIC, SEC, and OCC. Participants will continue to engage on these topics as well as on other topics of mutual interest ahead of the next Forum meeting, which is expected to take place in Washington in the winter of 2019-2020.


Related Link: Press Release

 

Keywords: Americas, Europe, US, EU, Banking, Securities, Insurance, Basel III, Resolution Planning, Cross-Border Activities, Margin Requirements, Volcker Rule, Leveraged Lending, US Treasury

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