US and EU Agencies – Statement on the US-EU Joint Financial Regulatory Forum

March 29, 2021 – Participants held a joint financial regulatory forum, to discuss both emerging risks and key priorities, such as AML, crypto assets, climate finance, LIBOR transition, swaps, CCPs, and insurance. Additional focus on global engagement and cooperation to mitigate financial stability risk due to Covid.

  • Acknowledged potential for enhanced cooperation on laundering and terrorist financing in FATF framework, and EU AML action plan implementation. Cooperation to address growth in market appetite for crypto-assets and stable coin, as well as movements in central bank digital currencies, with an overall push in innovation.
  • US update on headway regarding climate risk financial disclosures. EU noted the implementation of sustainable financing action plans and green bond standards.
  • On LIBOR, the US and EU are monitoring transition efforts away from the reference rate. In addition, there are ongoing discussions on data transfers and the registration of EU funds.
  • SEC substituted compliance for EU-domiciled securities-based swaps (SBS) dealers in the US and EC equivalence decision on SEC-registered CCPs.
  • Finally, EU review Solvency II, US/EU insurance-related Covid response, including insurance and reinsurance covered agreement implementation.
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