Organisations supporting the EU-US financial services marketplace have formed a new international coalition for transatlantic cooperation in financial regulation.
The coalition, dubbed Transatlantic Financial Regulatory Coherence (TFRC), includes 14 trade associations and business groups.
The groups include BritishAmerican Business, AmCham EU, Financial Services Forum, SIFMA, Financial Services Roundtable and the U.S. Chamber of Commerce.
The newly formed coalition intends to ensure that a strong financial regulatory framework is included in the Transatlantic Trade and Investment Partnership (TTIP).
It has identified three principles for regulatory coherence and that should be included in TTIP. These include a focus on discussion in policymaking at an early stage, future policymaking and regulatory development, and transparency and accountability.
"While the Coalition welcomes ongoing efforts to strengthen the EU-U.S. Financial Markets Regulatory Dialogue (FMRD), it believes those efforts alone cannot deliver the benefits arising from a joint commitment to an agreed framework within TTIP," the coalition said in a statement.
"The Coalition believes TTIP is the best route to delivering regulatory coherence because it provides a unique opportunity to create a strong structure for a regulatory dialogue to ensure that regulators focus on cross-border issues as they are developing, heading off conflicts or unnecessary differences that could be avoided," the statement added.