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EU and US issue joint statement on financial markets dialogue

A number of EU and US authorities have met to discuss regulatory developments in financial markets, as part of the Financial Markets Regulatory Dialogue (FMRD).

The meeting on 18 September included representatives from the European Commission, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA), while the US entities represented included the Treasury, the Federal Reserve and the SEC.

The topics discussed during the meeting were: bank structural measures, recent developments in bank resolution, central counterparty (CCP) resolution, derivatives reforms, securitisation within the context of the Capital Markets Union, money market funds, alternative investment fund managers, benchmarks, information sharing for supervisory and enforcement purposes, cybersecurity and cooperation on audit oversight.

In particular, the EU participants outlined how the creation of the Capital Markets Union (CMU) would help boost access to market-based finance. Both EU and US delegates discussed proposals for bank reform, including the Fed's existing proposals for enhanced rules on capital surcharges and leverage for the largest US banks. They also discussed options for cross-border cooperation on establishing resolution frameworks for CCPs.

The next FMRD meeting is scheduled for February 2016.

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