US and EU officials agree to implement regulatory frameworks

Senior officials from the US and EU financial markets met to exchange information on regulatory developments, identify potential regulatory conflicts, and discuss their shared interest in continuing to implement robust standards, including those on the G20 financial regulatory agenda.

They agreed on the following objectives for bilateral engagement in 2014:

• Derivatives – to: 
  - address any remaining impediments to the reporting of complete transaction information to trade repositories; 
  - intensify discussions on the scope for equivalence and comparability, including to trade repositories and central counterparty recognition; and
  - minimise divergence in margin requirements for non-cleared OTC derivatives.
• Insurance - to: 
  - continue their robust cooperation under the EU-US insurance dialogue project; and
  - carry out exploratory work to pursue a covered agreement for reinsurance collateral requirements.
• Banking – to: 
  - continue to cooperate on the consistent implementation of prudential banking standards for internationally active banks; and
  - develop a shared understanding of the challenges involved in the effective resolution of large cross-border banks.

The next dialogue will take place in Brussels in July 2014.

Related link:

http://ec.europa.eu/internal_market/ext-dimension/docs/dialogues/140129_us-eu-joint-statement_en.pdf