SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on this week’s TTIP negotiations:
“The TTIP negotiations in Washington, DC this week offer the opportunity for U.S. and E.U. policymakers to enhance their financial regulatory coordination process. This is fundamental to our intertwined economies and financial markets. SIFMA supports a trade agreement that includes financial services regulatory coordination. This is a critical opportunity to enhance coordination, reduce conflict and confusion, and improve the efficiency of regulations across jurisdictions. Importantly, a financial services regulatory framework between the U.S. and E.U. would facilitate and guide efforts to promote consistent high-quality regulatory standards in global markets.
“The U.S. and E.U. financial markets are mature and intertwined, with transactions constituting trillions of dollars each year to the benefit of our mutual economies. Both jurisdictions maintain a robust set of market regulations, augmented by both jurisdictions' commitment and implementation of new regulations in accordance with the G-20 Pittsburgh summit. As such it is only logical that there be a mechanism for consistency and coordination in the implementation of such regulatory reforms, as is being discussed for other economic sectors.”
