News Column

Financial Industry Associations Urge TTIP Negotiators to Include Financial Services Regulatory Coordination in US-EU Trade Agreement

July 14, 2014



WASHINGTON, July 14 -- The Institute of International Finance issued the following news release:

The Financial Services Forum (FSF), the Financial Services Roundtable (FSR), the Institute of International Finance (IIF) and the Securities Industry and Financial Markets Association (SIFMA) issued the following statement on the next round of negotiations of the Transatlantic Trade and Investment Partnership (TTIP) currently underway in Brussels:

"As the next round of trade negotiations moves forward, the financial services industry reiterates its position that it is imperative to include financial services regulatory coordination as a key component of TTIP. With a global economy and intertwined financial markets, the financial sector cannot continue to work under misaligned, uncoordinated regulatory regimes. A framework for coordination of financial services regulation between the US and EU would reduce conflict and complexity, and improve the efficiency of regulations across borders to the benefit of market participants, their customers and regulators. We urge negotiators to capitalize on this TTIP meeting in Brussels to promote high-quality regulatory standards that promote consistency, coordination, and resilience in our transatlantic markets."

The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 18 of the largest and most diversified financial services institutions doing business in the United States. The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy. Learn more at www.finanicalservicesforum.org

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.

The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

[Category: Financial Services]

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