The U.S. Department of the Treasury announced that this week it co-hosted the EU–U.S. Joint Financial Regulatory Forum. While the forum provided participants with the opportunity to engage in financial regulatory dialogue on topics of mutual interest, it emphasized areas of ongoing EU and U.S. cooperation.
According to a joint statement released by the Treasury Department, the forum took place from December 4-5. Representatives from various European entities attended, including the European Commission, the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the European Central Bank and the Single Resolution Board. From the U.S., representatives from the Department of the Treasury participated alongside staff from several federal agencies such as the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission and Consumer Financial Protection Bureau.
The joint statement outlined that discussions at this forum revolved around six key areas: market developments and financial stability; regulatory developments in banking and insurance; anti-money laundering and countering terrorism financing; sustainable finance; regulatory and supervisory cooperation in capital markets; operational resilience; and digital finance.
The forum also served as a platform for updates on U.S. and EU bank regulatory proposals and developments. According to this joint statement, "U.S. federal banking regulators shared their proposed rules to implement the final set of Basel III reforms, including proposed timetable and transition periods." On behalf of EU participants, an update was presented regarding "the state of play" concerning EU's Banking Package.
In conclusion, participants recognized "the importance of the Forum in fostering ongoing financial regulatory dialogue between United States and EU" with plans to continue discussing potential implications of respective policies and laws in each other's jurisdictions," according to this joint statement.