Treasury Participates in U.S.-EU Joint Financial Regulatory Forum

At the U.S.-EU Joint Financial Regulatory Forum, Treasury and the staffs of U.S. regulatory agencies exchanged views on topics of mutual interest with EU participants.

The Forum focused on:

• how to mitigate financial stability risks in the next phase of COVID-19 recovery;

• sustainable finance, including the U.S. Administration's efforts to tackle climate change and the EU's implementation of its 2018 Action Plan on Financing Sustainable Growth;

• multilateral engagement in banking and the implementation of Basel III reforms;

• regulatory cooperation in capital markets and the progress in respective legislative efforts to ensure a smooth transition away from LIBOR, EU implementation of public country-by-country reporting, SEC-substituted compliance for EU-domiciled securities-based swap dealers in the United States, and the European Commission's equivalent decision for SEC-registered central counterparties;

• regulatory developments regarding financial innovation involving new forms of digital payments, such as crypto assets, stablecoins, and central bank digital currencies; and

• AML / countering the financing of terrorism issues.