SIFMA and AFME Issue Statement on Transatlantic Financial Regulation Negotiations

SIFMA and the Association for Financial Markets in Europe (“AFME”) issued a joint public statement regarding the Transatlantic Trade and Investment Partnership negotiations, remarking that “expanding opportunities for financial services providers and their clients in the transatlantic market can only be realized if TTIP includes commitments for regulatory coordination and cooperation.” 

The associations further noted that the week’s TTIP meeting offered a critical opportunity to improve the efficiency of regulations across jurisdictions, which each believed would “facilitate and guide efforts to promote consistent high-quality regulatory standards in global markets.”

Lofchie Comment:  That SIFMA and AFME feel a need to issue a joint statement asking negotiators to “enhance coordination, reduce conflict and confusion, and improve the efficiency of regulations across jurisdictions” is itself, a sad commentary.  Consider the policy implications that led to the current predicament in which the U.S. has gone down such an irrational path that a mutual agreement with the European Union is the best hope for preventing further damage to our economy.

See:  SIFMA Press Release (including the joint public statement).