Eight industry associations, the Alternative Investment Management Association (AIMA), the European Banking Association (EBF), the Futures and Options Association (FOA), the Global Financial Markets Association (GFMA), the Investment Management Association (IMA), ISDA, the London Energy Brokers’ Association (LEBA) and the Wholesale Market Brokers’ Association (WMBA) have warned of the risks of extra-territorial application of laws. They asked international policy-makers to consult and cooperate with each other in meeting their G20 commitments. (Source: Joint Association Letter on Extra-Territoriality)