Consistency of Implementation

GFMA’s overarching goal is to coordinate regulatory reform implementation across borders to ensure regulatory arbitrage does not pose a risk to the financial system and to avoid negative extra-territorial effects.

To avoid regulatory arbitrage among global financial centers – whereby an institution chooses a nominal place of business with less stringent or less expensive regulatory regimes – a number of coordinating bodies, including the Bank of International Settlements (BIS) and the Group of Twenty (G-20), continue to work to create a harmonized network of regulation. As part of this process, we request more transparency and coordination among global regulators and the industry.

Correspondence

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