This year's meeting provided an important opportunity to exchange views on the recent regulatory and supervisory developments in the financial sector at international level and in their respective jurisdictions.
The participants discussed the regulatory cooperation framework under the Japan-EU EPA; notably the progress and way forward to strengthen their bilateral cooperation and the possibility of coordination in international fora such as the G20 and the Financial Stability Board. In addition, JFSA and EU participants discussed the EU’s equivalence and the Japanese deference frameworks, including possible enhancements in information exchange between both jurisdictions. They used the opportunity to brief each other on the recent developments in the financial sector in the EU and in Japan, mainly in the banking sector and capital markets. In particular, the participants discussed the state of the implementation of Basel III reforms. The European Commission presented the achievements of the outgoing Commission in the area of financial services policy. They exchanged views on the benefits and challenges represented by the development of financial technology (fintech). The participants discussed issues related to cybersecurity and stable coins. The participants discussed their respective initiatives in the field of sustainable finance. The EU and Japan re-iterated their commitment to strengthen cooperation, to share experiences and to promote ways to support deployment of private capital towards sustainable investments globally. They agreed that for such a cooperation to be effective it shall be pursued together with other like-minded countries through diverse ranges of channels.
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