In Frankfurt and Strasbourg, AmCham EU discusses financial services with key policy-makers

In Frankfurt, the delegation met with the European Insurance and Occupational Pensions Authority (EIOPA), the German Federal Financial Supervisory Authority (BaFin), the German Central Bank and the European Central Bank (ECB). In Strasbourg, the delegation held a total of twelve meetings with MEPs sitting on the Committee on Economic and Monetary Affairs (ECON).

Meetings covered a range of topics, including the European Market Infrastructure Regulation (EMIR) proposal, the Central Counterparty (CCP) Oversight Proposal, the European Supervisory Authorities (ESAs) Review, the Risk Reduction Measures package and Brexit. On EMIR, AmCham EU welcomed the intention to address disproportionate burdens on non-financial companies, arguing that the proposal constitutes a step in the right direction. For the CCP oversight proposal and ESAs Review, the delegation urged policy-makers to use the drive towards supervisory convergence as a tool for openness of the EU market, and avoid it becoming a tool for fragmentation. Finally, on the Risk Reduction Measures, AmCham EU reiterated its 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.