Regulators in the EU and US have touted the idea of deeper capital markets oversight, with greater transatlantic cooperation.
EU participants – including representatives of the European Commission, the European Banking Authority and the European Securities and Markets Authority – met with representatives from the US Department of the Treasury and regulators such as the Securities and Exchange Commission.
The parties reaffirmed their backing of standards developed by the International Sustainability Standards Board and held talks on possible crypto-asset enforcement.
The discussions, held as part of the US-EU Joint Regulatory Forum in February, touched on sustainability, financial stability risks, operational resilience and digital finance and capital markets supervision.
The transition away from Libor and developments regarding it were also discussed.
As part of the talks, the European Commission presented progress made on the implementation of the Sustainable Finance Disclosure Regulation and on the development of European Sustainability Reporting Standards, as mandated under the Corporate Sustainability Reporting Directive.
SEC staff discussed the SEC’s proposals to enhance disclosures regarding issuers’ climate-related risks and disclosures by certain funds and investment advisers regarding ESG practices.
Elsewhere, the European Commission provided a state-of-play on the review of the the Markets in Financial Instruments Directive and Regulation and rules surroundign alternative investment funds and traditional Ucits funds.
SEC staff gave an update on their recent proposed rules and amendments related to investment funds and equity market structures.
Discussions on digital finance, cryptoassets and the potential adoption of central bank digital currencies were also held, and the next forum meeting is expected to take place in the Summer of 2023.
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