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AmCham EU travels to Paris and Strasbourg to address third country aspects of Financial Services files
Last week, a delegation of AmCham EU’s Financial Services Committee headed to Paris and Strasbourg to discuss a number of issues with policy-makers.
They included the central counterparty (CCP) oversight proposal, the European Supervisory Authorities (ESAs) Review, the Risk Reduction Measures and Brexit. In Paris, the delegation held meetings with European Securities and Markets Authority (ESMA), Autorité des Marchés Financiers (AMF), Trésor and Banque de France. In Strasbourg, the delegation held a total of nine meetings with MEPs sitting on the Committee on Economic and Monetary Affairs (ECON).
When it comes to the CCP oversight proposal and ESAs Review, the delegation urged policymakers to use the drive towards supervisory convergence as a tool for openness of the EU market, and avoid it becoming a tool for fragmentation. AmCham EU had constructive exchanges on key points such as delegation, outsourcing and risk transfers to third countries. On the Risk Reduction Measures, we reiterated our concern about the proposed Intermediate Parent Undertaking (IPU) structure, which would present US banks with a conflict of law, effectively contravening US Federal law restrictions on market activities that can be conducted within the same corporate chain.
For more information on AmCham EU’s work on Financial Services, please contact Stefano Marmo (sma@amchameu.eu).