Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-17-Speech-4-179-000"
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"en.20111117.17.4-179-000"2
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"Mr President, the opportunity for transatlantic dialogue at the summit on 28 November 2011 needs to be utilised to the full. In today’s turmoil, the EU must be talking at all levels to its key partners around the world – never more so than with respect to regulating the financial markets and derivative products post the financial crisis of 2008, and implementing the decisions taken by G20.
The summit dialogue needs to ensure that US politicians and regulators respect the need for parity in our financial services legislation. We need to make sure that, in the attempt to make our financial markets more secure, we do not begin to limit access on the flow of capital. Likewise, the Dodd-Frank Act needs to be interpreted in a non-protectionist way. Extra-territoriality, equivalence and reciprocity are not essential, but recognition of comparable systems of regulation is, and we need to seek ways of acknowledging this. We must work to ensure the Dodd-Frank Act and the EU’s European Market Infrastructure Regulation (EMIR) and Markets in Financial Instruments Directive (MiFID) fit together. Closer cooperation between the EU and the US on financial services needs to continue, but the spirit of equals to prevent extra-territoriality battles needs to endure."@en1
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