On September 23, 2015, participants of the US-EU Financial Market Regulatory Dialogue met to discuss key regulatory topics including recent developments in bank resolution, derivatives reforms, securitization and the creation of the a new Capital Markets Union, cybersecurity and plans to review the Prospectus Directive. Amongst other things, EU participants outlined the efforts that have been made to assist access to market-based funds through the creation of a CMU, and reported, together with participants from the US SEC and CFTC that constructive bilateral discussions were continuing on derivatives reform and in particular on recognition under the European Market Infrastructure Regulation. Emphasis was placed on the importance of clear and well-designed recovery and resolution frameworks for CCPs and well-governed benchmark frameworks. The participants included representatives of the European Commission, ESMA, EBA, US Treasury, Federal Reserve Board and FDIC. The next meeting will take place in Washington DC in February 2016.

The joint statement is available at: http://ec.europa.eu/finance/general-policy/docs/global/150923-us-eu-jointstatement_en.pdf.