Joint Statement on first Transatlantic Economic Council Meeting

10 November 2007

In a joint statement the United States and the European Union welcome the Financial Markets Regulatory Dialogue’s consideration of how and in which areas to establish mutual recognition in the field of securities and identification of other approaches to facilitate cross-border trade in financial services.

 

The Council launched an investment dialogue aimed at reducing barriers to transatlantic investment and promoting open investment regimes globally.

 

On accounting standards, the SEC will soon complete a rulemaking to accept, without reconciliation to U.S. GAAP, financial statements of EU issuers prepared in accordance with International Financial Reporting Standards. The European Commission is preparing a mechanism that will allow use of U.S. GAAP.

 

The Council also issued a joint report on regulatory impact assessments with the goal of ensuring that such assessments take due account of the impact of future regulations on international trade and investment.

 

Press release

Readout of the meeting

 

© Graham Bishop