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Capital Markets

EU Co-Chair: Javier Arias, BBVA
U.S. Co-Chair: Kenny Chatelain, PwC
Staff Contact: Justine Korwek

TABC’s Capital Markets WG supports deeper integration of the EU and U.S. economies through trade, investment and regulatory cooperation. A key area in which closer collaboration would bring substantial benefits are financial services. The Capital Markets WG has been a long-standing supporter of transatlantic alignment of financial services regulation to ensure the the EU-U.S. financial market operates as open and efficiently as possible. Regulatory fragmentation of the transatlantic financial services markets would frustrate efforts of inernational bodies such as the G20 and the FSB. The major objective of this WG for the Transatlantic and Investment partnership (TTIP) is to ensure the inclusion of conventional market access rules as well as mechanisms and processes to achieve compatible and cost-effective regulatory frameworks that facilitate access to capital and boost economic growth. This would not only benefit the financial services sector but the real economy as well.

Objectives:

The major objective of the Capital Markets WG is to seek the inclusion of provisions for market access rules and a framework to allow for closer regulatory cooperation in the TTIP without undermining existing rules and regulations.

WG Priorities:

  • Banking & Securities: Enhancing capital and liquidity standards, improving banking resilience; establishing bank respolution regimes; OTC derivatives reform and compatibility of regulation.
  • Insurance: The Financial Markets Regulatory Dialogue (FMRD) and the U.S.-EU Insurance Dialogues should not be ‘silo’ activities separate from the TTIP but should be an integral part of the negotiations.
  • Accounting & Auditing: Support the objective of a single set of high-quality accounting standards and support measures to promote enhanced regulatory compatibility in the oversight of auditors and high quality audits between EU and U.S. markets.
  • Taxation: Regular updates on taxation issues in the EU and the U.S., e.g. bilateral tax treaties between the U.S. and EU member states, financial transaction tax.

Instruments (used in Washington & Brussels):

  • Physical meetings and conference calls with WG members to discuss policy initiatives and agree next steps
  • Bilateral meetings with relevant government officials in Brussels and Washington
  • Position papers and letters to government officials (TABC only and joint associations statements)
  • Seminars and round table discussions on specific issues relevant to member companies
  • Informal meetings with financial services associations (e.g. EFR, FRS, FRF, SIFMA) to exchange views and positions

Papers & Submissions