SIFMA Submits Comments to United States Trade Representative Regarding TTIP and Financial Services

SIFMA submitted comments to the United States Trade Representative affirming its support for the inclusion of a framework to discuss financial services regulations in the Transatlantic Trade and Investment Partnership (“TTIP”).

Lofchie Comment: It is clear that the CFTC’s race to take the lead in imposing regulations on firms providing or receiving financial services, and attempting to force the Europeans to follow them, has failed. The CFTC is presently engaged in a much more reasonable effort to coordinate on requirements such as clearing and margin. These efforts at cooperation ought to be expanded and formalized, albeit without surrendering ultimate rights of sovereignty with respect to U.S. institutions.

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