Joint Statement on the EU-U.S. Joint Financial Regulatory Forum | U.S. Department of the Treasury
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Joint Statement on the EU-U.S. Joint Financial Regulatory Forum
July 24, 2026
Brussels — The EU-U.S. Joint Financial Regulatory Forum took place on 9-10 June 2026 in Brussels, with participants exchanging views on a number of financial regulatory topics of mutual interest. The Forum was co-chaired by the European Commission and the U.S. Department of the Treasury.
EU participants included senior representatives of the European Commission, European Central Bank (ECB), European Banking Authority (EBA), European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), and Single Resolution Board (SRB). U.S. participants included senior representatives from the U.S. Department of the Treasury, Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC).
The Forum highlighted the importance of sustained and close engagement between the EU and the U.S. and discussed: (1) digital finance; (2) market developments and financial stability; (3) the U.S. G20 Presidency’s Finance Track; (4) the EU Savings and Investments Union; (5) bank regulation and supervision, including resolution-related matters; (6) insurance regulation and supervision; (7) capital markets; (8) the Foreign Account Tax Compliance Act (FATCA); and (9) anti-money laundering and countering the financing of terrorism (AML/CFT). Participation varied across themes, with representatives expressing views on issues in their respective areas of responsibility.
Participants opened the Forum with an exchange of views on policy priorities in digital finance, including efforts to encourage innovation and developments in relation to tokenisation of securities and the use of tokenised collateral. Participants discussed operational resilience and the use of artificial intelligence in financial services, emphasising both opportunities and importance of identifying and addressing potential risks. EU and U.S. participants provided updates on the state of play of respective regulatory frameworks for digital assets. EU participants updated on the current review of the Markets in Crypto-Assets (MiCA) Regulation and shared considerations for the ongoing development of the digital euro. And U.S. participants provided an update on progress toward implementing the GENIUS Act, as well as broader U.S. digital asset policy priorities and work.
Discussions continued with participants sharing views on financial stability and market developments in their respective areas of authority, noting that the global financial system has been showing resilience in the current environment of financial system potential vulnerabilities, high asset valuations, and uncertain economic outlook. Participants emphasised the importance of robust prudential regulation and continued international dialogue for monitoring vulnerabilities, and of enhancing the resilience of the financial system and its ability to withstand shocks. Participants also discussed recent developments in the private credit market.
The U.S. Treasury provided an update on the work of the U.S. G20 Finance Track and advancing priority financial sector issues toward concrete deliverables, and thanked EU participants for their support to the G20 agenda and work of the Financial Stability Board.
EU participants updated on progress of the EU Savings and Investments Union strategy, highlighting initiatives to strengthen market integration and supervision and boost the competitiveness of the EU economy, in line with the commitments in the Joint Roadmap agreed by the European Parliament, Council of the European Union, and European Commission to achieving One Europe, One Market.
EU and U.S. participants discussed bank regulatory capital requirements, sharing updates on their respective proposals and regulations, including those implementing the final components of Basel III. Participants highlighted the importance of strong and effective prudential regulation and supervision to enhance financial stability and promote a level playing field across jurisdictions, while also stressing the need to avoid unduly burdensome requirements. EU participants provided an update on its work on the forthcoming 2026 report on the competitiveness of the EU banking sector. The discussion then turned to bank resolution, in particular recent U.S. resolution-related initiatives and a recent analysis by the FDIC of deposit runs from March 2023. With respect to the interactions between U.S. federal securities laws and EU open bank bail-in mechanisms, the EU welcomed the SEC’s commitment to prepare a rulemaking recommendation regarding a potential exemption from the Securities Act’s registration requirements for securities offered and sold in connection with a regulatory bail-in.
Participants also exchanged views on insurance-related matters, continuing prior discussions on a variety of insurance-related topics, and exchanging views on developments in the life-insurance sector and retirement income protection gaps. U.S. participants asked about the capital treatment of GNMA securities under EU insurance regulation.
Participants then discussed capital markets developments, outlining recent work and sharing perspectives on how to increase the attractiveness of public markets as well as increase retail participation in private markets while ensuring that investor protections are in place. In this regard, the SEC participants provided an update on recent proposals to update the SEC’s corporate reporting framework, including rules to enhance and simplify the registration and reporting framework for smaller public companies. Participants also exchanged views on climate disclosures and other corporate sustainability related matters. Participants then discussed financial markets infrastructure developments, with EU participants providing updates on work to shorten the settlement cycle in the EU and in relation to the equivalence framework under the Central Securities Depositories Regulation (CSDR), and the SEC on their rules on clearing of U.S. Treasuries. Finally, participants discussed possible reforms to the international accounting and audit standard setting framework with respect to funding and governance.
U.S. participants then provided an update on the Foreign Account Tax Compliance Act (FATCA).
Regarding countering terrorist financing and anti-money laundering efforts, EU participants shared updates in relation to the implementation of the EU Anti-Money Laundering Package and the operationalisation of the Anti-Money Laundering Authority (AMLA), and U.S. participants provided an update on Treasury’s ongoing efforts to modernize the Bank Secrecy Act.
Participants acknowledged the importance of the Forum in facilitating continuous dialogue between the United States and the European Union on financial regulation. Both sides reaffirmed the importance of regular communication on regulatory and supervisory issues of mutual concern to identify potential implications of policies and laws in each other’s jurisdictions, including extraterritorial concerns, and to support financial stability, investor protection, market integrity, and a level playing field. Participants will continue to engage on these topics in the lead-up to the next Forum, expected to take place late 2026.
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