Regulatory Dialogues
Over the past years, the European Commission has developed several
regulatory dialogues with third countries, in particular with the United
States, Japan, China, India and Russia. Experience has shown that this
new way of cooperation can be highly effective in problem solving or
prevention, aiming at enhanced market opening and less regulatory burden
for businesses acting on several markets.
1.
USA
| |
The EU-US Financial Markets Regulatory Dialogue |
|
| |
The most developed dialogue is the EU-US informal Financial
Markets Regulatory Dialogue
  ,
established in 2002. Over the years, the emphasis of the dialogue
has gradually shifted from tackling existing frictions to be more
forward-looking, working towards common goals, for instance on the
equivalence and convergence of accounting standards internationally.
The overall aim is to ensure that transatlantic markets operate as
open and efficiently as possible and assist in further integration
of global financial markets.At the last
EU-US Summit in
2006 leaders on both sides called for further transatlantic
economic integration and growth on the basis of the commitments made
under the EU-US "Initiative
to Enhance Transatlantic Economic Integration and Growth" and
the 2005 EU-US Work Programme, which covers several DG MARKT issues.
Next to capital markets, this includes closer cooperation in the
field of IPR and its enforcement, public procurement and services,
including the mutual recognition of professional qualifications in
the area of architects. Since then both sides made significant
progress on many of these issues.
To know more:
International regulatory dialogues with third countries on the
policies of the Internal Market and Services Directorate General
|
|
2. Japan
| |
EU-Japan Dialogue on Financial Services Regulation |
|
| |
The regulatory dialogue with Japan on internal market
issues takes place through two main fora. The Regulatory Reform
Dialogue (RRD) covers all issues of EU-Japan cooperation, with two
meetings per year (the Japanese Round in Brussels in spring and the EU
Round in Tokyo in autumn). The RRD cycle refers to all issues which
are of relevance for the Internal Market and Services Directorate
General: company law, IPR, public procurement, accounting/auditing,
financial services (i.e. banking, insurance and securities markets).
At the last Autumn meeting of the RRD which took place in Tokyo on 1st
December 2006, an exchange of views took place on the following
issues: prohibition of universal banking in Japan (article 33 of
Financial Instruments and Exchange Law - FIEL), asset management under
FIEL, trust banking, deregulation of bank assurance activities,
discriminatory reinsurance provisions for Kyosai (mutual aid
associations), the privatisation of Japan Post, accounting and
auditing. The next round of the RRD is scheduled to take place in
Brussels in March 2007.
The High Level Meeting on Financial Issues is organised each
year in cooperation with the Directorate General for Economic an
Financial Affairs. The Japanese Financial Services Agency is the main
interlocutor of the Commission for these meetings which focus on
macro-economic and financial services issues. The last meeting which
took place in Brussels on 18th January 2006 was mainly devoted to
accounting issues (equivalence between IAS/IFRS and Japanese GAAPs).
The next meeting will take place in Tokyo in the spring of 2007. |
|
3.
China
| |
EU-China Regulatory Dialogues and Cooperation |
|
| |
On the occasion of the 5th EU-China Economic and Financial Dialogue, delegations from China and the European Union led by Finance Vice-Minister Liao and European Commission Directors-General Buti (morning session on macro-economic policies) and Holmquist (afternoon session on financial services) met in Brussels on 20th January 2010. Both sides tackled issues such as recent macro-economic developments, fiscal, monetary and regulatory policy responses to the financial crisis, G20 and strengthening of the international system as well as regulation of securities and capital markets, facilitation of business operations by financial institutions, corporate governance and company law. Between the main Dialogue meetings, technical working meetings are envisaged in areas such as banking, securities, accounting and auditing, insurance, corporate governance and public procurement. The next plenary meeting of the Dialogue will take place in Beijing in late 2010/early 2011.
Background
Since May 2004, The Internal Market and Services Directorate
General has developed close ties with many of its counterparts among Chinese authorities. We have close working relations in horizontal internal market policies such as services, intellectual property protection and public procurement as well as in the more specialised financial policy areas, such as banking, insurance, securities, asset management, accounting, and corporate governance. New sectoral policies could be added as required by regulatory developments.
This cooperation takes place through bilateral contacts, meetings and visits at all levels and occasional exchange of officials for short internships. Examples of more visible events include the launch of the first EU-China Dialogue on Intellectual Property Protection in October 2004 together with the Directorate General for Trade. In the Financial services area, the Internal Market and Services Directorate General has organised several cooperation activities with the Chinese Ministry of Finance and other relevant financial regulatory authorities, such as the People's Bank of China, the China Banking Regulatory Committee, the China Securities Regulatory Committee and the China Insurance Regulatory Committee. The EU-China Dialogue on macroeconomic and financial services meets annually since 2005.
|
|
4.
India
| |
EU-India Dialogue on Financial Services Regulation |
|
| |
The first
EU-India Financial Services Dialogue has taken place on 8 July in
Brussels. It was organised back to back with the EU-India
Macro-economic Dialogue, the Indian Delegation was led by Finance
Secretary Ashok Chawla from the Ministry of Finance. He was
accompanied by representatives from the Ministry of Finance, the
Securities and Exchange Board of India, the Reserve Bank of India and
the Insurance Regulatory and Development Authority. The Dialogue
focused on international cooperation (G20), banking, insurance,
securities and capital markets as well as accounting and auditing
issues. It was agreed to hold the next meeting in India in 2011. |
|
| |
 |
 |
|
| |
The India Team in front of
the SEBI-Building in Mumbai |
Rashtrapati Bhavan,
seat of the Indian Head of State
|
|
5.
Russia
| |
EU-Russia Dialogue on Financial Services Regulation |
|
| |
The EU-Russia Dialogue on Financial Services was launched in Moscow on
13 June 2006, with participation of Internal Market and Services
Directorate General on the EU side, and of the Ministry of Finance,
the Federal Service for Financial Markets (FSFM) and the Central
Bank of Russia (CBR) on the Russian side.
The first meeting of the dialogue allowed for an extensive exchange
of information between both sides on the latest developments in the
field of financial services policy. The FSFM presented the new
Strategy for Financial Markets 2006-2008, which it compared, in
ambition and scope, to the recent EU White Paper on Financial
Services. Banking issues, including Basel II, as well as securities
markets and the implementation of International Accounting Standards
were also extensively discussed. This first meeting clearly showed
that Russian authorities attach great importance to the
establishment of strong cooperation with the EU on financial
services issues under the Common Economic Space Roadmap and are keen
to exchange best practices and profit from the EU experience in this
field.
Both sides agreed that the next meeting should take place in
Brussels in the first half of 2007, and should also encompass
corporate governance and money laundering issues.
The EU-Russia Dialogue on Intellectual Property Rights was launched
in Moscow in April 2006, focusing on the new Russian IPR legislation
in preparation (Civil Code Part IV) and on enforcement.
The EU-Russia Dialogue on Public Procurement was launched in Moscow
in July 2006, focusing on the recently adopted Russian procurement
legislation and e-procurement. |
|
|
RSS
