Following their call for substituted compliance, Europe’s banks are relieved by the “last minute” announcement of the “Common Path Forward” on derivatives, made on 12 July by the CFTC Chairman Gary Gensler and the EU Internal and Markets Services Commissioner Michel Barnier.
Despite the fact that the practical details are yet unknown, European banks are encouraged by the public affirmation that the rules on both sides of the Atlantic go in the same direction and that authorities are committed to effective cooperation. The European Banking Federation notes, however, that there is still much work to be done in order to reach a fully satisfactory outcome; further action on both sides of the Atlantic will be necessary.
The EBF strongly supports a system of mutual recognition and equivalent rules in the European Union and the United States and stresses the importance of avoiding a competitive application of the European Market Infrastructure Regulation-EMIR and Dodd-Frank. The Federation reiterates its call for intense cooperation between the EU and US authorities in order to resolve outstanding issues in a practical way whilst minimising future uncertainty.
Full press release
© EBF
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