The Financial Markets Regulatory Dialogue – a regulatory medium for the European union and the US – is to be renamed amid improvements to regulatory cooperation on both side of the Atlantic.
Joint EU-US Financial Regulatory Forum - or ‘The Forum’ - will represent the views of the EU and the US Treasury staff, whilst incorporating views of other industry participants.
The Forum will be used as a platform to enhance regulatory cooperation in respective law making and rule making processes.
Its objective is to “improve transparency, reduce uncertainty, identify potential cross-border implementation issues, work towards avoiding regulatory arbitrage and towards compatibility of each other’s standards, and promote domestic implementation consistent with international standards.”
Other initiatives include sharing data for identification of potential cross-border implementation, risk analysis and discussions on economic impact of proposed rules.
The Forum will meet will meet twice a year, with meetings and calls set up when needed, outside of this.