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transatlantic financial regulation May 14, 2008

Posted by Bradley in : Uncategorized , trackback

From the Transatlantic Economic Council:

The European Commission will propose a positive decision on the equivalence of US accounting standards (GAAP) to EU rules in the course of 2008;
Work on mutual recognition in securities regulation has intensified and the EU and SEC will define a process for carrying out comparability assessments of their securities regimes later this year. The TEC also encourages the implementation of other approaches to facilitate cross-border financial services, such as providing relief from local licensing requirements for securities firms engaging in cross-border business with certain sophisticated investors;
We have urged our financial markets regulators to make significant strides by the end of 2008 to identify the steps that need to be taken to create a true level playing-field for EU and US insurance companies in each other’s jurisdiction

SIFMA took the opportunity to urge the SEC to work harder on achieving part of this agenda:

SIFMA is extremely disappointed to note that the SEC has been letting valuable time pass without proposing anticipated changes to the 19 year-old Securities Exchange Act Rule 15a-6. Reforming this rule would implement one of the TEC’s stated commitments and would eliminate existing inefficiencies, increase investment opportunities, improve competition, without damaging investor protection,”said David Strongin, managing director of SIFMA.

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