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US and EU remain committed to convergence, stress the importance of consistent application

  • United States Image
  • European Union Image

16 Jan 2015

Participants in the U.S. - EU Financial Markets Regulatory Dialogue (FMRD) met on 12 January 2015 to exchange information on regulatory developments as part of their ongoing dialogue 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 IFRS and US GAAP and "reiterated their commitment to convergence on high quality accounting standards and committed to continue their efforts regarding consistency in the application of accounting standards in practice".

The FRMD has been the forum for discussion of EU and US regulators since 2002. It brings together representatives of 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, Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation, and Securities and Exchange Commission (SEC).

Please click to access the full joint statement on the EC website. The next meeting of the FMRD will take place in Brussels, Belgium in July 2015.

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