Monday, October 16, 2017 12:17 AM
CEYSSENS Jan (CAB-DOMBROVSKIS); MELNGAILE Elina
VP's mission to D.C., read-outs from meetings
1. Meeting with
praised the cooperation with the new administration
and the high quality of the Treasury report on capital
markets. She thought this was a moderate report, pointing
to areas where there would actually be a strengthening of
the rules. She liked in particular the ideas put forward to
take rogue traders out of the market. She was hopeful that
cooperation between the SEC and CFTC would improve.
She inquired about the approach we will be taking towards
the review of Investment Firms, hoping that we would retain
a balance sheet approach to classify firms in the various
categories. The VP explained that we were likely to remain
close to the EBA recommendations.
She expressed worries about the role we propose for ESMA
in relation to delegation arrangements. The VP explained the
rationale behind this, noting that we were only envisaging a
review and an opinion from ESMA and also that we were not
specifically targeting the asset management industry. She
took this opportunity to praise the high quality of fund
supervision in Ireland and Luxembourg.
She seemed cautious in relation to new policy measures in
the field of sustainable finance. There was a need to have
reliable and consistent references as to what were green
investments. The risk was that fund managers would be
faced with a lack of reliable data in order to respect ESG
requirements. She added that such requirement would be
very hard to meet in relation index funds. The VP outlined
our preliminary ideas in this field.