GFMA, the International Banking Federation (IBFed), the International Swaps and Derivatives Association (ISDA), and The Financial Services Roundtable (FSR) provide comments to the U.S. Department of Treasury and the European Commission, in advance of the G-20 meeting, on the problems that extraterritorial legislation poses for markets, clients and regulators. While groups welcome the ongoing discussions among U.S. and EU finance officials and relevant regulators to coordinate their respective regulatory reforms, a strong concern continues to be the emphasis on equivalency. In addition, the groups advise that standards of comparability should be outcomes based, and not used as a tool to export regulations from one jurisdiction to another.
