02/13/2020 | Press release | Distributed by Public on 02/13/2020 16:02
House Agriculture Committee's Commodity Exchanges, Energy, and Credit Subcommittee Chair David Scott and Ranking Member Austin Scott, both of Georgia, issued the following statement Thursday after meeting with financial market regulators from the European Commission (EC) to discuss new amendments to the European Union's European Market Infrastructure Regulations (EMIR 2.2) that could potentially subject U.S. clearinghouses to regulation within the EU:
'The Commodity Futures Trading Commission (CFTC) is a capable, competent financial regulator which has a proven record of safekeeping American derivatives markets. We support the CFTC's work in forging consensus and building a cooperative framework to promote strong, well-regulated global derivatives markets.
'Unfortunately, the European Commission's proposal to regulate third party clearinghouses disrupts that work and sets back the cause of cooperation. We have existing agreements and cooperative work underway, and Europe should not use the disruptions of Brexit to move the goalposts on that collaboration.