The European Commission has published a summary of the discussions that took place between the EU and the US at the twelfth round of negotiations on the Transatlantic Trade and Investment Partnership (TTIP). The discussions covered all three pillars of the TTIP agreement (that is, market access, regulatory co-operation and rules), with particular emphasis on regulatory co-operation and rules. The EU and the US have agreed on the architecture of the financial services chapter and work on the consolidated text has started. The overarching objective is to negotiate an ambitious, high standard TTIP agreement that responds to both EU and US interests. The EU has reiterated its intention to ensure substantial progress be made in all three pillars of the agreement by the summer break.