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3/19/2020

Joint Statement on the U.S.-EU Financial Regulatory Forum | U.S. Department of the Treasury

Joint Statement on the U.S.-EU Financial Regulatory Forum
February 12, 2019

Washington – U.S. and EU participants in the U.S.-EU Joint Financial Regulatory Forum met on
February 5-6, 2019 in Washington, D.C. to exchange views on financial regulatory developments
as part of their ongoing regulatory dialogue.
EU participants included representatives of the European Commission, European Banking
Authority (EBA), European Securities and Markets Authority (ESMA), European Insurance and
Occupational Pensions Authority (EIOPA), European Central Bank (ECB), Single Supervisory
Mechanism (SSM), and Single Resolution Board (SRB).
U.S. participants included o icials from the U.S. Department of the Treasury and sta from
independent regulatory agencies, including: the Board of Governors of the Federal Reserve
System (FRB), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance
Corporation (FDIC), Securities and Exchange Commission (SEC), and O ice of the Comptroller of
the Currency (OCC). U.S. participants expressed views on issues in their respective areas of
responsibility.
At the meeting, U.S. and EU participants discussed financial supervisory and regulatory
developments and future priorities. They exchanged views on the impact of the withdrawal of
the UK from the EU on international financial markets. In the area of banking, participants
discussed the implications of host-country regulation on foreign banks, including, for example,
foreign funds under the Volcker Rule. U.S. banking participants provided an update on recent
developments in U.S. resolution planning for foreign and domestic global systemically
important banks. Participants reiterated the benefits of timely and consistent implementation
of international standards for internationally active banks.
Regarding capital markets, relevant participants discussed supervision and regulation of cross
border activities and ongoing work by the International Organization of Securities Commissions
on fund leverage. EU participants updated U.S. participants on open legislative files, including
the review of the European Supervisory Authorities, the investment firm review, and the
proposed framework for central counterparty (CCP) supervision embodied in EMIR 2.2 and its
implications for third country CCPs. In addition, U.S. participants updated EU participants on
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Joint Statement on the U.S.-EU Financial Regulatory Forum | U.S. Department of the Treasury

the CFTC Chairman’s proposals on cross-border swaps regulation and the implications for EU
markets and institutions. EU participants provided an update on the status of equivalence for
SEC-regulated CCPs. U.S. and EU participants discussed the application of post trade reporting
requirements.
Additional topics included views on emerging financial technologies, the implications of the
General Data Protection Regulation for transfers of personal data, the implementation of the tax
reform in the United States that has implications for internationally-active financial institutions,
and EU proposals on sustainable finance.
In the field of insurance, participants exchanged updates on the status of implementation of the
U.S.-EU Bilateral Agreement on Prudential Measures regarding Insurance and Reinsurance, and
look forward to discussing in depth at the upcoming meeting of the Joint Committee.
Participants acknowledged the importance of the Forum in fostering ongoing dialogue between
the U.S. and the EU in recognition of the nature of the global financial markets. Cooperation in
financial services should seek to ensure that our regulatory frameworks continue to safeguard
financial stability, investor protection, market integrity, and promote a level playing field.
Participants also welcomed the deepened cooperation since the launch of the Forum’s
enhanced dialogue.
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 Brussels in the
summer of 2019.
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