Securities Industry Association Testifies On Critical Importance Of U.S.-EU Financial Services Relationship - Calls For Greater Regulatory And Accounting Convergence, Reduction Of Trade Barriers

In testimony yesterday before a House Financial Services Committee Subcommittee on Domestic and International Monetary Policy, Trade and Technology hearing on the economic relationship between the United States and the European Union, Securities Industry Association President Marc E. Lackritz stressed the importance of continuing to develop the transatlantic financial services relationship between the U.S. and the EU. Lackritz urged the subcommittee to support SIA’s advocacy for the establishment of a U.S. Treasury attaché in Brussels to help further that goal.

“The transatlantic relationship provides the global U.S. securities industry and its corporate, institutional, and retail clients with tremendous opportunities,” Lackritz said. “Indeed, SIA’s largest members engaging in global business receive about 20 percent of their net revenues (excluding interest) from European markets.”

In his testimony, Lackritz made the following key points:

Focus by the European Union on harmonization and implementation is critical to the success of the EU’s Financial Services Action Plan (FSAP);
Progress in accounting convergence is a key building block for the development of the transatlantic capital market;
Continuing robust dialogue between the Securities and Exchange Commission and the Committee of European Securities Regulators (CESR) is essential for transatlantic capital markets convergence; and,
The reduction of global trade barriers in financial services should be a key area of U.S.-EU cooperation and joint advocacy.

“SIA looks forward to working with Congress and the Administration as we work to help create the best possible foundation for global capital markets, economic growth, and job creation,” Lackritz said.

Lackritz’s complete testimony can be viewed at http://www.sia.com/testimony/html/mlackritz6-16-05.html.