The Securities Industry and Financial Markets Association is calling for financial services regulatory convergence between the US and Europe.

“The time is right for regulatory simplification and convergence in a world in which national boundaries are giving way to a truly global economy,” said Marc Lackritz, SIFMA president and CEO. “Moving toward a regulatory framework that recognizes and facilitates the global marketplace is a necessary step to keep pace with the $6 trillion in global, cross-border investment flows. We need healthier, principles-based regulation that eliminates redundancy and duplication.”

SIFMA indicates that it is pushing for convergence in light of German Chancellor Angela Merkel’s visit to Washington for the U.S.-EU economic summit. It urges decision makers to keep in mind that regulatory convergence will: reduce overlap and promote efficiency, expand investor protection, facilitate financial services operations, improve regulatory cooperation, and enhance liquidity and investment.