The U.S. Treasury Department ("Treasury") announced changes to the "Financial Markets Regulatory Dialogue," a platform intended to encourage U.S.-EU regulatory cooperation. Treasury renamed the effort the "Joint U.S.-EU Financial Regulatory Forum" (the "Forum").
Treasury announced that moving forward, the Forum will have "the general operational objective to improve transparency, reduce uncertainty, identify potential cross-border implementation issues, work towards avoiding regulatory arbitrage and towards compatibility, as appropriate, of each other's standards, and, when relevant, promote domestic implementation consistent with international standards."
Subject to certain conditions, the Forum may undertake a number of additional activities that include the following:
- the sharing of information in order to identify potential cross-border implementation issues;
- the sharing of data-driven economic and risk analysis;
- discussions about the potential economic impact of proposed rules; and
- exchanges of views on regulatory issues in bilateral contexts and, where appropriate and relevant in specific areas, on issues of cooperation in multilateral contexts.
Treasury noted that the Forum will continue to meet biannually.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.