Press Releases

Scott, Conaway Underscore Importance of 2016 Equivalence Agreement, Call for Improved International Regulatory Coordination

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Washington, June 26, 2019 | comments

Washington, D.C. – Today, the House Agriculture Subcommittee on Commodity Exchanges, Energy and Credit held a hearing on how Brexit and other international developments affect U.S. derivatives markets. After the hearing, Subcommittee Ranking Member Austin Scott (GA-8) and Committee Ranking Member K. Michael Conaway (TX-11) made the following remarks:

“Today’s hearing underscored the importance of maintaining the 2016 Equivalence Agreement and strong international regulatory coordination. I applaud the CFTC’s work to reevaluate its cross-border rules and urge our European colleagues to work with them to find a sustainable model for regulatory cooperation that promotes healthy global derivatives markets,” said Subcommittee Ranking Member Scott. 

“While our European colleagues seem keen to pay lip service to the value of the 2016 Equivalence Agreement, I have concerns that Europe’s implementation of EMIR 2.2 will force unnecessary regulation on U.S. clearinghouses in conflict with the existing agreement. As the committee prepares to reauthorize the CFTC, we must consider the regulatory or statutory tools available to protect U.S. market participants and global derivatives markets from unnecessary regulatory overreach,” said Ranking Member Conaway.

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