October 29, 2010 TG-931 Readout of Meeting Between U.S. Secretary of the Treasury Tim Geithner and European Commissioner Michael Barnier U.S. Treasury Secretary Tim Geithner and European Commissioner Michel Barnier met today and reaffirmed their strong determination to continue cooperating closely in strengthening the global financial system and in promoting and putting in place the G-20 financial reform agenda. They reiterated the fact that the United States and the European Union, as the world's two largest economies and financial systems, have a special responsibility to promote and implement stronger global financial standards, reduce further the scope for regulatory arbitrage and work toward greater regulatory convergence and consistency. They reviewed the progress in implementing the G-20 financial regulatory commitments. In particular, they noted the significant achievements reached on both sides of the Atlantic - in the United States with the enactment of a vast set of financial reforms in the Dodd-Frank Act a nd in Europe with the approval of several legislative measures and an extensive on-going legislative agenda. They look forward to a productive trans-Atlantic dialogue among their new s upervisory structures. They welcomed the agreement reached in the Basel Committee on Banking Supervision on September 12, 2010 on stronger capital and liquidit y requirements. They reaffirmed their intention to implement the agreement in the respective jurisdictions in accordance with the internationally-agreed timing. Both sides agreed to a December 2011 implementation date for the Basel trading book rules. They agreed on the importance of robust crisis management mechanisms and to implement strong resolution regimes, as endorsed by G -20 Leaders in Toronto, which require additional resolution powers and expanded institutional capacity. They reiterated that no firm is too big or too complicated to fail and that taxpayers should not bear the costs of resolutions. They agreed that sy stemically important global financial institutions must improve their capacity to absorb losses and be subject to enhanced supervision and regular stress tests. They reaffirmed their commitment to continue their strong and close bilateral co - operation on regulatory reform in the OTC derivatives markets. This co-operation has allowed for the proposed new rules regarding the clearing of over-the-counter derivatives and the development and supervision of derivatives infrastructure to be consistent and implemented in an open, convergent, and non -discriminatory manner. They confirmed their commitment to achieve convergence dur ing the implementation and the finalisation of all the OTC derivatives reforms on both sides of the Atlantic. They reaffirmed their support for the G-20 Leaders' commitments on accounting convergence.

TG-931 Readout of Meeting S Secretary of the Treasury Tim Geithnerbrand European Commissioner Michael Barnier

Download PDF Report

Upload
carla-muss-jacobs
View
217
Download
0

Embed Size (px)

Citation preview

Page 1: TG-931 Readout of Meeting S Secretary of the Treasury Tim Geithnerbrand European Commissioner Michael Barnier

8/8/2019 TG-931 Readout of Meeting S Secretary of the Treasury Tim Geithnerbrand European Commissioner Michael Barnier

http://slidepdf.com/reader/full/tg-931-readout-of-meeting-s-secretary-of-the-treasury-tim-geithnerbrand-european 1/2

October 29, 2010TG-931

Readout of Meeting BetweenU.S. Secretary of the Treasury Tim Geithner

and European Commissioner Michael Barnier

U.S. Treasury Secretary Tim Geithner and European Commissioner Michel Barniermet today and reaffirmed their strong determination to continue cooperating closelyin strengthening the global financial system and in promoting and putting in placethe G-20 financial reform agenda.

They reiterated the fact that the United States and the European Union, as theworld's two largest economies and financial systems, have a special responsibilityto promote and implement stronger global financial standards, reduce further thescope for regulatory arbitrage and work toward greater regulatory convergence andconsistency.

They reviewed the progress in implementing the G-20 financial regulatorycommitments. In particular, they noted the significant achievements reached onboth sides of the Atlantic - in the United States with the enactment of a vast set offinancial reforms in the Dodd-Frank Act and in Europe with the approval of severallegislative measures and an extensive on-going legislative agenda. They lookforward to a productive trans-Atlantic dialogue among their new supervisorystructures.

They welcomed the agreement reached in the Basel Committee on BankingSupervision on September 12, 2010 on stronger capital and liquidity requirements.They reaffirmed their intention to implement the agreement in the respective

jurisdictions in accordance with the internationally-agreed timing. Both sidesagreed to a December 2011 implementation date for the Basel trading book rules.

They agreed on the importance of robust crisis management mechanisms and toimplement strong resolution regimes, as endorsed by G-20 Leaders in Toronto,which require additional resolution powers and expanded institutional capacity.They reiterated that no firm is too big or too complicated to fail and that taxpayersshould not bear the costs of resolutions. They agreed that systemically importantglobal financial institutions must improve their capacity to absorb losses and besubject to enhanced supervision and regular stress tests.

They reaffirmed their commitment to continue their strong and close bilateral co-operation on regulatory reform in the OTC derivatives markets. This co-operationhas allowed for the proposed new rules regarding the clearing of over-the-counterderivatives and the development and supervision of derivatives infrastructure to beconsistent and implemented in an open, convergent, and non-discriminatorymanner. They confirmed their commitment to achieve convergence during theimplementation and the finalisation of all the OTC derivatives reforms on both sidesof the Atlantic. They reaffirmed their support for the G-20 Leaders' commitments onaccounting convergence.

Page 2: TG-931 Readout of Meeting S Secretary of the Treasury Tim Geithnerbrand European Commissioner Michael Barnier

8/8/2019 TG-931 Readout of Meeting S Secretary of the Treasury Tim Geithnerbrand European Commissioner Michael Barnier

http://slidepdf.com/reader/full/tg-931-readout-of-meeting-s-secretary-of-the-treasury-tim-geithnerbrand-european 2/2

Finally, while welcoming the important step made by the European Member Statesand the European Parliament in negotiations on the Alternative Investment FundManagement Directive, they reaffirmed their on-going commitment to the principleof non-discrimination in current discussions as well as in the future developmentand implementation of rules for fund managers and funds, in recognition of theimportance of maintaining a global level playing field.

###