In a joint statement, the CFTC, the European Commission and the European Securities Markets Authority ("ESMA") reaffirmed their commitment to "transatlantic cooperation" among regulators and to implement G-20 reforms to the derivatives market.
The statement was issued by CFTC Chair Heath Tarbert and Deputy Director General for Financial Stability, Financial Services and Capital Markets Union, European Commission John Berrigan. At the meeting, delegates from the CFTC, European Commission and ESMA discussed regulation and supervision concerning (i) foreign and third-country central counterparties ("CCPs"), (ii) effective supervisory cooperation, and (iii) avoiding inconsistent or conflicting requirements. The delegates also discussed the importance of "responding to each other's objectives" given that (i) the European Commission will soon be consulting on several acts to implement the European Market Infrastructure Regulation 2.2 legislation and (ii) the CFTC has requested comment on proposed rules related to non-U.S. CCPs.
CFTC Chair J. Christopher Giancarlo outlined several principles that guide effective cross-border regulation and provided an update on the status of CFTC cross-border rulemaking.