US-EU Financial Regulatory Forum statement

U.S. and European participants in the U.S.-EU Joint Financial Regulatory Forum met on June 25–26, 2019, in Brussels to exchange views on financial regulatory developments as part of their ongoing regulatory dialogue. U.S. participants included officials from Treasury, the Fed, FDIC, SEC, OCC, and the Commodity Futures Trading Commission (CFTC). In the area of banking, participants discussed implementation of the final Basel III reforms, recent developments regarding host-country regulation of foreign banks, and resolution planning for global systemically important banks. For the U.S., topics included the recent U.S. proposal on foreign banking organizations, and the treatment of foreign funds under the Volcker Rule. For the EU, topics included elements for the completion of the Banking Union, including risk reduction and risk sharing. The participants acknowledged the importance of the Forum in fostering ongoing dialogue between the U.S. and the EU. A cooperative approach to the supervision and regulation of financial services should foster financial stability, investor protection, market integrity, and a level playing field.

• Treasury Department press release