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United States and European Union remain committed to convergence, stress the importance of consistent application

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  • European Union Image

Jan 16, 2015

Participants in the U.S.-EU Financial Markets Regulatory Dialogue (FMRD) met on January 12, 2015, to exchange information on regulatory developments and discuss their strong cooperation and shared interests in continuing to implement and enforce robust standards, including those on the G-20 financial regulatory agenda.

Par­tic­i­pants discussed recent de­vel­op­ments regarding the use of IFRSs and U.S. GAAP and reiterated that they were committed to “con­ver­gence on high quality accounting standards and . . . to continue their efforts regarding con­sis­tency in the ap­pli­ca­tion of accounting standards in practice.”

The FRMD, which began in 2002, brings together rep­re­sen­ta­tives from the European Com­mis­sion (DG MARKT); the European Su­per­vi­sory Au­thor­i­ties (ESAs — European Banking Authority, European Insurance and Oc­cu­pa­tional Pensions Authority, European Se­cu­ri­ties and Markets Authority); and the U.S. Treasury and in­de­pen­dent reg­u­la­tory agencies, including the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Com­mis­sion (CFTC), the Federal Deposit Insurance Cor­po­ra­tion (FDIC), and the Se­cu­ri­ties and Exchange Com­mis­sion (SEC).

The full joint statement is available on the EC’s Web site. The next FMRD meeting will take place in Brussels, Belgium, in July 2015.

 

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