Joint Statement – Second EU-Asia Pacific Forum on Financial Regulation

1 Dec 2017

The second EU-Asia Pacific Forum on Financial Regulation was held in Hong Kong today.

The EU delegation was led by Mr Valdis Dombrovskis, Vice President for Financial Stability, Financial Services & Capital Markets Union of the European Commission, and Ms Verena Ross, Executive Director of the European Securities and Markets Authority (ESMA).

The International Organization of Securities Commissions (IOSCO) was represented by Mr Ashley Alder, Chair of the IOSCO Board and Chief Executive Officer of the Hong Kong Securities and Futures Commission, and Mr Jun Mizuguchi, IOSCO Asia-Pacific Regional Committee (APRC) Chair and Deputy Commissioner for International Affairs of the Japan Financial Services Agency.

Representatives from the European Commission and members of the IOSCO APRC also attended the event. Mr Valdis Dombrovskis and Mr Ashley Alder delivered opening remarks.

Delegates shared views on and discussed the cross-border implications of asset management and funds passporting as well as developments in sustainable finance and Fintech. Other topics included the implementation of the EU Benchmarks Regulation, the Markets in Financial Instruments Directive II (MiFID II), the review of the European Market Infrastructure Regulation and relative equivalence assessments.    

Mr Valdis Dombrovskis said: "I am pleased that after last year's successful conference, we can now meet regularly to exchange information and learn from each other. These days, cooperation between financial regulators is a necessity. Finance is global, and the pace of innovation is fast, transforming and challenging our regulatory model. Only with frequent and close contact can we stay ahead of developments and ensure that financial markets remain resilient and on the path towards further integration."

Mr Ashley Alder said: "Now in its second year, the Forum has become an established and important point of contact between Asia-Pacific and the EU. Asia-Pacific securities regulators value the Forum as a unique venue in which they can jointly participate in a frank exchange with the EU.

"We are fully committed to greater EU-Asia Pacific cooperation to ensure that cross-border regulation is aligned to the interests of our markets as well as those in the EU," he added.

Mr Jun Mizuguchi said: "APRC member jurisdictions very much welcome and support the second Forum. This unique Forum prompts to enhance constructive dialogue between relevant regulators both from the EU and the Asia-Pacific region on a number of key issues related to cross-border cooperation and regulation."

Ms Verena Ross said: "ESMA has been very supportive of the Forum since its establishment in 2016. We believe that this unique opportunity to exchange views on practical aspects of the applicable regulatory framework will help us to work together towards safe and efficient capital markets in Europe and the Asia-Pacific region."

Page last updated : 1 Dec 2017