AssociationforFinancialMarketsinEurope
Press release
OrganizationsSupportingtheEU‐U.S.FinancialServicesMarketplaceformnew
InternationalCoalitionforTransatlanticCooperationinFinancialRegulation,
focusingonTTIP
7June2016
Aninternationalgroupoffourteentradeassociationsandbusinessgroupstodayannouncedtheformationof
a Transatlantic Financial Regulatory Coherence (TFRC) Coalition. The Coalition, which represents a large
part of the transatlantic financial services community, has been brought together by a strong and shared
beliefonbothsidesoftheAtlanticthatimprovingregulatorycooperationbetweentheU.S.andEUmustbea
priority. It believes that a comprehensive Transatlantic Trade and Investment Partnership (TTIP) that
includes both market‐opening measures and a framework for regulatory coherence in financial services is
thebestwayofachievingthis.
NotingthatthemostpressingimpedimentstocrossborderfinancebetweenU.S.andEUcapitalmarketsare
theresultofinsufficientregulatorycooperation,theCoalitionhasalsoidentifiedthreeimportantprinciples
fordeliveringregulatorycoherencethatanysuccessfulregulatorydialogueshouldincludeandwhichTTIP
shouldrecognize:afocusondiscussionatanearlystageinthepolicymakingprocess,afocusexclusivelyon
futurepolicymakingandregulatorydevelopment,andafocusontransparencyandaccountability.
While the Coalition welcomes ongoing efforts to strengthen the EU‐U.S. Financial Markets Regulatory
Dialogue(FMRD),itbelievesthoseeffortsalonecannotdeliverthebenefitsarisingfromajointcommitment
toanagreedframeworkwithinTTIP.TheCoalitionbelievesTTIPisthebestroutetodeliveringregulatory
coherencebecauseitprovidesauniqueopportunitytocreateastrongstructureforaregulatorydialogueto
ensure that regulators focus on cross‐border issues as they are developing, heading off conflicts or
unnecessarydifferencesthatcouldbeavoided.
A robust regulatory dialogue between regulators in the U.S. and EU, carried out under clear requirements
agreed within TTIP by the respective financial supervisors, would reduce conflict and complexity and
improve the efficiency of cross border regulations to the benefit of financial services providers and their
regulators and – most importantly ‐ their end‐users in industry and commerce in the transatlantic
marketplace. Moreover, TTIP is intended by both the EU and U.S. to strengthen cross‐border regulation
whileposingnothreattoexistingdomesticrulesandstandards.
More information on the Coalition and its views on TTIP is available at the following link:
http://www.sifma.org/issues/item.aspx?id=8589960703
–Ends–
AFMEContacts
AFME:RebeccaHansford,+44(0)2038282693,[email protected]
AmChamEU:AnnaMcNally,+32(0)22891016,[email protected]
BritishAmericanBusiness(London):RachelReaney,+44(0)2072909878,[email protected]
BritishAmericanBusiness(NewYork):JamesA.Weiss,+1212.661.4278,[email protected]
bwf(FederalAssociationofSecuritiesTradingFirms),+49(0)6992101691,mail@bwf‐verband.de
EBF:RaymondFrenken,+32(0)496525947,r.frenken@ebf‐fbe.eu
ESF:[email protected],+32(0)22306168
FinancialServicesForum:LaenaFallon,+1202.457.8783,[email protected]
Association for Financial Markets in Europe
London Office: 39thFloor,25CanadaSquare,LondonE145LQ,UnitedKingdomT:+44(0)2038282700
Brussels Office: RuedelaLoi82,1040Brussels,BelgiumT:+32(0)27883971
www.afme.eu
FinancialServicesRoundtable:AlisonHawkins,+1202.589.2427,[email protected]
IIB:WilliamGoodwin,+1646.213.1141,[email protected]
IIF:AndrewDeSouza,+1202.857.3602,[email protected]
SIFMA:CarolDanko,+1202.962.7390,[email protected]
TheCityUK:JenniferGreen,+443036960115,[email protected]
TABC:TimBennett,+1202.828.9101,[email protected]
USChamberofCommerce:StacyDay,+1202.463.5682,[email protected]
Notes:
AboutAFME:
AFMEpromotesfair,orderly,andefficientEuropeanwholesalecapitalmarketsandprovidesleadershipin
advancingtheinterestsofallmarketparticipants.AFMErepresentsabroadarrayofEuropeanandglobal
participantsinthewholesalefinancialmarkets.Itsmemberscomprisepan‐EUandglobalbanksaswellas
keyregionalbanks,brokers,lawfirms,investorsandotherfinancialmarketparticipants.AFMEparticipates
inaglobalalliancewiththeSecuritiesIndustryandFinancialMarketsAssociation(SIFMA)intheUS,andthe
AsiaSecuritiesIndustryandFinancialMarketsAssociation(ASIFMA)throughtheGFMA(GlobalFinancial
MarketsAssociation).FormoreinformationpleasevisittheAFMEwebsite:www.afme.eu
AboutAmChamEU:
AmChamEUspeaksforAmericancompaniescommittedtoEuropeontrade,investmentand
competitivenessissues.Itaimstoensureagrowth‐orientatedbusinessandinvestmentclimateinEurope.
AmChamEUfacilitatestheresolutionoftransatlanticissuesthatimpactbusinessandplaysaroleincreating
betterunderstandingofEUandUSpositionsonbusinessmatters.
AboutBritishAmericanBusiness:
BritishAmericanBusiness(BAB),theleadingtransatlanticbusinessnetwork,isanot‐for‐profitorganization
dedicatedtohelpingcompaniesconnectandbuildtheirbusinessonbothsidesoftheAtlantic.Ourmembers
aretheworld’sleadingmultinationalandmiddle‐marketcompaniesandincludemanyofthemajor
AmericanandEuropeanplayersinfinance,law,insurance,realestate,pharmaceuticals,airlines,technology
andmedia.Byprovidingaccesstopractical,measurablebusinessopportunitiesthroughourexclusive
networkingandtargetedmarketingplatforms,thecompaniesinourmembershipareabletosustain,grow
andcelebratetheirbusinesses.TheproductofamergerbetweentheAmericanChamberofCommerce(UK)
andBritish‐AmericanChamberofCommerce(US),weserveourmembersasthesingle,pre‐eminent
transatlanticbusinessorganization.
Aboutbwf(FederalAssociationofSecuritiesTradingFirms):
TheBundesverbandderWertpapierfirmene.V.(bwf)istradeassociationwiththegoalofuniformly
protectingandpromotingthecommonprofessionalinterestsofGermany’ssecuritiestradingfirmsona
national,Europeanandgloballevel.Thebwfrepresentstheinterestsofitsmembersinconnectionwith
proposednational,Europeanandinternationalregulatory,legislativeandimplementingmeasuresinthe
areaoffinancialservicesandcapitalmarketslawandinformsitsmembersinallmattersthatconcernthem
inconnectionwiththeiractivityassecuritiestradingfirms.Thebwffurthermoreworkscloselytogether
withnationalandinternationalindustryassociationsofthebankingandcapitalmarketssector.
AbouttheEBF:
TheEuropeanBankingFederationisthevoiceoftheEuropeanbankingsector,uniting32national
bankingassociationsinEuropethattogetherrepresentsome4,500banks‐largeandsmall,wholesaleand
retail,localandinternational‐employingabout2.5millionpeople.EBFmembersrepresentbanksthat
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makeavailableloanstotheEuropeaneconomyinexcessof€20trillionandthatsecurelyhandlemorethan
300millionpaymenttransactionsperday.Launchedin1960,theEBFiscommittedtocreatingasingle
marketforfinancialservicesintheEuropeanUnionandtosupportingpoliciesthatfostereconomic
growth.Website:http://www.ebf‐fbe.eu/
AboutEuropeanServicesForum:
TheEuropeanServicesForum(ESF)isaprivatesectortradeassociationthatrepresentstheinterestsofthe
EuropeanservicesindustryinInternationalTradeNegotiationsinServices&Investments.Itcomprises
majorEuropeanservicecompaniesandEuropeanservicesectorfederationscoveringservicesectorssuchas
financialservices,telecommunications,maritimetransport,businessandprofessionalservices,distribution,
postalandexpressdelivery(seefulllistofmembersontheweb‐site:www.esf.be)
AboutFinancialServicesForum:
TheFinancialServicesForumisanon‐partisanfinancialandeconomicpolicyorganizationcomprisedofthe
CEOsof16ofthelargestandmostdiversifiedfinancialservicesinstitutionswithbusinessoperationsinthe
UnitedStates.ThepurposeoftheForumistopursuepoliciesthatencouragesavingsandinvestment,
promoteanopenandcompetitiveglobalmarketplace,andensuretheopportunityofpeopleeverywhereto
participatefullyandproductivelyinthe21st‐centuryglobaleconomy.
AboutFinancialServicesRoundtable:
TheFinancialServicesRoundtablerepresentsthelargestintegratedfinancialservicescompaniesproviding
banking,insurance,paymentandinvestmentproductsandservicestotheAmericanconsumer.Member
companiesparticipatethroughtheChiefExecutiveOfficerandotherseniorexecutivesnominatedbythe
CEO.FSRmembercompaniesprovidefuelforAmerica’seconomicengine,accountingfor$92.7trillionin
managedassets,$1.2trillioninrevenue,and2.3millionjobs.LearnmoreatFSRoundtable.org.
AboutIIB:
TheInstituteofInternationalBankers(IIB)istheonlynationalassociationdevotedexclusivelyto
representingandadvancingtheinterestsoftheinternationalbankingcommunityintheUnitedStates.Its
membershipiscomprisedofinternationallyheadquarteredbankingandfinancialinstitutionsfromover35
countriesaroundtheworlddoingbusinessintheUnitedStates.TheIIB’smissionistohelpresolvethemany
speciallegislative,regulatory,taxandcomplianceissuesconfrontinginternationallyheadquartered
institutionsthatengageinbanking,securitiesandotherfinancialactivitiesintheUnitedStates.Throughits
advocacyeffortstheIIBseeksresultsthatareconsistentwiththeU.S.policyofnationaltreatmentand
appropriatelylimittheextraterritorialapplicationofU.S.lawstotheglobaloperationsofitsmember
institutions.Furtherinformationisavailableatwww.iib.org.
AboutIIF:
TheInstituteofInternationalFinanceistheglobalassociationofthefinancialindustry,withcloseto500
membersfrom70countries.Itsmissionistosupportthefinancialindustryintheprudentmanagementof
risks;todevelopsoundindustrypractices;andtoadvocateforregulatory,financialandeconomicpolicies
thatareinthebroadinterestsofitsmembersandfosterglobalfinancialstabilityandsustainableeconomic
growth.IIFmembersincludecommercialandinvestmentbanks,assetmanagers,insurancecompanies,
sovereignwealthfunds,hedgefunds,centralbanksanddevelopmentbanks.Formoreinformationvisit
www.iif.com
AboutSIFMA:
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SIFMAisthevoiceoftheU.S.securitiesindustry.Werepresentthebroker‐dealers,banksandasset
managerswhosenearly1millionemployeesprovideaccesstothecapitalmarkets,raisingover$2.5trillion
forbusinessesandmunicipalitiesintheU.S.,servingclientswithover$20trillioninassetsandmanaging
morethan$67trillioninassetsforindividualandinstitutionalclientsincludingmutualfundsandretirement
plans.SIFMA,withofficesinNewYorkandWashington,D.C.,istheU.S.regionalmemberoftheGlobal
FinancialMarketsAssociation(GFMA).Formoreinformation,visithttp://www.sifma.org
AboutTheCityUK:
TheCityUKisanindependentmembershipbodyrepresentingtheUK‐basedfinancialandrelated
professionalservicesindustry.Thisrangesfrombanking,insurance,assetmanagement,securitiesand
privateequitythroughtolegal,accountancyandmanagementadvisoryservices.TheCityUK’smembership
includesUK‐headquarteredandinwardinvestorfirms.WeseektoengageandrespondtorelevantUK,EU
andinternationaldevelopmentswhichhaveanimpactontheindustry’sinternationalcompetitiveness,as
wellastopotentialopportunitiesandthreatstotheUK’seconomicandnationalinterests
AboutTABC:
TheTrans‐AtlanticBusinessCouncil(TABC)isacross‐sectoralbusinessassociationrepresentingglobal
companiesheadquarteredintheU.S.andEU.TABCworkswithcompaniesacrossmultiplesectorsandpolicy
levels,includingthestrategiclevelwiththeTrans‐AtlanticBusinessDialogue
(TABD),aprogramwhichbringstogetherC‐suiteexecutivesandhighlevelgovernmentofficials.TABC
standsoutastheonlytransatlanticbusinessorganizationuniquelyplacedtoprovideonevoiceforEUand
U.S.companiesoninternationaltradeandinvestmentissues.
AbouttheU.S.ChamberofCommerce
TheU.S.ChamberofCommerceistheworld’slargestbusinessfederationrepresentingtheinterestsofmore
than3millionbusinessesofallsizes,sectors,andregions,aswellasstateandlocalchambersandindustry
associations.ItsInternationalAffairsdivisionincludesmorethan70regionalandpolicyexpertsand25
country‐andregion‐specificbusinesscouncilsandinitiatives.TheU.S.Chamberalsoworkscloselywith117
AmericanChambersofCommerceabroad.
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