The trade association of the U.S. securities industry is seeking freer trade in financial services between the United States and Europe.
In a letter to the Office of the U.S. Trade Representative, the Securities Industry Association urged the Bush administration to support the U.S.-EU financial markets dialogue with a more pro-active strategy.
In addition to continuing the U.S.-EU financial markets dialogue, the SIA recommends:
- the placement of a Treasury attaché in Brussels;
- increasing inter-agency coordination, particularly utilizing State Department contacts in EU countries;
- continuing a formalized dialogue between the Securities and Exchange Commission and the Committee of European Securities Regulators on regulatory convergence; and
- stronger congressional/parliamentary interaction.
The SIA also suggests that U.S. and EU negotiators seek a forward-looking World Trade Organization financial-services agreement that commits countries to enhanced regulatory transparency and addresses specific trade barriers.