Publication date: 7 Juin 2016
The undersigned associations and business groups today announce the formation of the Transatlantic Financial Regulatory Coherence (TFRC) Coalition. The Coalition has been brought together by its strong and shared belief across the financial services and related professional services industry on both sides of the Atlantic that improving regulatory cooperation between the EU and U.S. must be a priority. We believe that a comprehensive Transatlantic Trade and Investment Partnership (TTIP) agreement that includes both market-opening measures and an effective framework that delivers regulatory coherence in financial services is an optimal path toward that goal.
All members of this Coalition have held this view since the TTIP negotiations commenced in 2013. As time has advanced, the evidence of regulatory inconsistencies and potential market fragmentation has only multiplied as have their economic costs. This has served to strengthen our belief that TTIP offers a unique opportunity which other fora do not. That conviction has motivated us to pool our resources through this Coalition to educate on the benefits of a comprehensive approach to financial services within TTIP. We stand ready to work with policymakers and stakeholders on both sides, as well as with our members and their customers, towards this goal.