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MEETING DOCUMEN 
Commissiofi
Trade Policy Committee

 

 

     

 

 

 

 

 

S.53

   

 

   

 

 

 

 

  
  
     
 
 

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Ear information

       

  
 

   

 

‚- - tion in financial Services
‚  gotiations (19 — 23 May,

    

Please find attacth th “EU’S proposal of the regulatory coo
 t0 be circulated t0 the ahead of the next 5';h round of TTI
 2014

   

     

   

 

   
   

     

   

     

   

     

   

     

   

     

   

       

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Article 53 — Regu atory cooperation

The  t0 work together towards furtääw 
financial stability. ‚35%;

       

 

 
   

   

 

     

   

[T he Parties S all _discuss in w n otiation e concepts of _‚_‚mutual
reIiance/equivalence/substituted u a nce. Based an the outcome  these

   

   

s arg? inter alia, those aäopted by the G20, the Financial
 the Basel Committee on Bankin -

   

     

   

envisaged financial regulation  when taking prudential measures which

             

       

”tifä'iix' ‚ “5&5” "Käfig":

       

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may signifie tly affect marke öperators of the 0&9 Party, with theä‘View t0
ensun'ng — i i'mrence of the regulation and measurä 7%

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compliance),‘_‚_‚_the Parties shall
provisions  for process of assessment of  
based on  [mutual reliance/equivalence/siiä" 'Stituted complianägäeä] with
respect t0 the regulatory and srvisory framework of the other P  could
i es, the Parties  t0

fle Party assesse the rules

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implementiggsmtemationally agreed standards or 
which the 0€ er Party relies. The Parties commit t

     
  
  
   
   
 

   

reasons

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7. On the reqqgst of one Party, the o Party comgiäts to jointly examme any
measures  may have an ' - c the ab of market Operators t0
provide finaneial Services wi erritory of both Parties, with thWew t0

 

rendering the meas cohw while keepjng the possibility ü take
rudeflt' ons in conformity wä Article 52 - (Prudential

  
  

     

     
 

er prior t0  to

    

   

   

  

 

positive outcome of the [mutu liance/equivalence/substituted co T'ance]

assessment 13m the purposes o {äthe assessment,  Parties shall noiwi'equire
that the othä i


assessment on regulatory outcomes.

 

       

   

       

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substantive -‚
assessment.

 

   

 

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  ' ancial Regulatory Forum shall  e on detailed guidelines
iance/equivalenceisubstituted compliance] adapted f6}; each
r into

   

     
 
  

 
 

supervisors o 
consultations.   governance of the Forum is to b iväiasigned in full respect t0
'  the independence ofthe regulato ' Vhe governance of the Forum woul  ‘ clude
rules on accountability ofregulator nd supervisors (in line with the le 

* The Forum would collect and hare the necessary and

   

  
 

 
 
 

     

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appropriate datq‘among regulator “fo allow the day t0 day supervisiono cross-
border firms a effective co-operation and plannüiä -r round the resolution of
(hese firms. 171€ mles on the goverlnance of the For ' "would also include rules
l on transparency vis-ä-vis the sta  ders ofthe Parties] ' 

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Q1

‚ the Forum, including the involve  t and representation of
 Member States, will be discussed _ '  Member States and will be only t0 the

 

 

1. The Parties  inform each obr on any plann ame
regulation and ‘ ' ‘

       
      
   

(ii) inadcguate cooperatioy

in the superv1510n of
financi

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cal mediation, where the

 

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[T he process  technical mediätion and deta‘ d guidelines (iücäuding
accountability)   gotiation]

   

  
 

 access of the parties 1‘0 dispute s _
 = mechanism established under   with respect t0 regulatory coope?‘

financial servic

  
  
 

   

   

«Aed to in Article 61 (1) (i) is not am ved or if one .15 does
"' not adhere to the outcome of the  hnical mediation procedure,

malence/substituted compl' c

mgnt of its own mlegfiäää

     

  

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

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