Participants in the U.S.-EU Financial Markets Regulatory Dialogue (FMRD) met on January 12, 2015 to exchange information on regulatory developments as part of their ongoing dialogue, and discuss their strong cooperation and shared interests in continuing to implement and enforce robust standards, including those on the G-20 financial regulatory agenda. Recognizing the continued importance of U.S. and EU markets for the growth and stability of the international economy, participants welcomed the progress made by U.S. and EU authorities since the crisis to bolster the resilience of financial markets and reiterated their unswerving commitment to work together to advance financial regulatory reform in a consistent and convergent manner.
EU participants included representatives of the European Commission (EC) and the European Securities and Markets Authority (ESMA).
U.S. participants included staff of the Treasury and independent regulatory agencies, including the Board of Governors of the Federal Reserve System (Federal Reserve), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), and the Securities and Exchange Commission (SEC), as well as the Public Company Accounting Oversight Board (PCAOB). Each U.S. participant discussed, and expressed positions on, those issues in their respective areas of responsibility.
EU and U.S. participants held productive discussions on an extensive agenda, including topics related to those commitments made by the G-20 Leaders: implementation of Basel III capital, leverage, and liquidity rules; implementation of over-the-counter (OTC) derivatives reforms (including a discussion of cross-border issues); and recent policy developments on cross-border resolution.
Participants also exchanged views on bank structural measures, securitization, money market funds, alternative investment fund managers, benchmarks, information sharing for supervisory and enforcement purposes, the implementation of UCITS reforms, and audit cooperation and macro-prudential oversight.a