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The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement concerning this week’s Group of Seven finance ministers meeting:
“Periods of economic crisis have historically caused national leaders to look inward, and move towards protectionism and economic nationalism. It is vital that both the G-7 and G-20 leadership continue to promote open trade and investment as the cornerstones of global growth in their upcoming meetings,” said David Strongin, managing director at the Securities Industry and Financial Markets Association. “To the extent new regulatory actions are adopted at the national or international level, they should be crafted to avoid adverse impacts on other countries. Policymakers should also consider developing a mechanism whereby regulatory proposals can be tracked and shared to encourage greater collaboration and consistency of regulatory approaches.”
“To further ensure global coordination, we believe the G-7 should undertake a review of international regulatory efforts and build on effective existing standards, in order to capitalize on successful regimes which are already in place, ” said Bertrand Huet, managing director and European legal & regulatory counsel, of the Securities Industry and Financial Markets Association. “In reviewing these efforts, it is essential to take in to account current industry initiatives to improve the transparency and the infrastructure of the securitization and over the counter derivatives markets.”
The G-7 Finance Ministers meet February 14. The G-20 Finance Ministers meet in mid-March. And on April 2, the G-20 leadership will meet in London to discuss the global financial crisis.
