US-EU agreement on international cooperation
07 Dec 2005
In March 2002, the United States (represented by the SEC, the Federal Reserve Board, and the Treasury Department) and the European Union (represented by the European Commission) launched a Financial Markets Regulatory Dialogue with the goal of ongoing mutual cooperation and regulatory convergence in the areas of corporate governance and further integration of the Transatlantic securities markets.
The latest in a series of regular meetings at the presidential, ministerial, and staff levels was held on 2 December 2005. The (PDF 17k) includes a number of 'immediate topics of discussion' relating to international financial reporting standards and the IASB, including these:
- Promoting convergence of accounting standards.
- Governance and accountability of international standard setters.
- Cooperation among auditing supervisors.
- Implementation and enforcement of financial market reforms, including consistent implementation and application of the EU's Financial Services Action Plan.
- (PDF 92k) on the integration of Europe's financial markets and international cooperation (2005).
- (PDF 19k).
- Testimony of Alexander Schaub (PDF 115k) Director-General of the EC Internal Market Directorate, before the US House Committee on Financial Services (2004).
- Speech by Ambassador Burghardt (PDF 28k) on Creating a Transatlantic Securities Market: EU/US Regulatory Convergence (2002).