The undersigned financial services trade associations released the following statement in reaction to the Transatlantic Trade and Investment Partnership (TTIP) meeting taking place on 17 and 18 February 2014 between European Commissioner for Trade Karel De Gucht and US Trade Representative Ambassador Michael Froman:
“By nearly every measure, the US and EU economies and capital markets are inextricably linked. Our members and their customers benefit greatly from financial markets that are the most efficient, deep and liquid in the world. However, the regulatory frameworks for those markets have not kept up with this reality, so that there can be obstacles to providing the full range of services that clients are seeking.
“TTIP would for the first time provide a process and framework – in which regulators were fully engaged – that would address existing and future regulatory issues at an early stage and make available the mechanisms to resolve, or at least mitigate, regulatory differences between countries.
“Importantly, financial stability would also be strengthened through a more coherent regulatory system, while investors, firms, regulators, and supervisors would benefit from regulation that is coordinated. While not all issues will be resolved through that process, TTIP offers a venue to discuss duplicative, incompatible, or conflicting regulatory requirements emanating from different parts of the world.”
Last month, the European Commission released a paper outlining a framework to ensure better coordination of transatlantic rules. The members of EFSA believe this is a useful starting point for TTIP negotiations.