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.
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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.
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.
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.
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
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.