“The transatlantic relationship provides the global U.S. securities industry and its corporate, institutional, and retail clients with tremendous opportunities,” Lackritz said. “Indeed, SIA’s largest members engaging in global business receive about 20 percent of their net revenues (excluding interest) from European markets.”
In his testimony, Lackritz made the following key points:
- Focus by the European Union on harmonization and implementation is critical to the success of the EU’s Financial Services Action Plan (FSAP);
- Progress in accounting convergence is a key building block for the development of the transatlantic capital market;
- Continuing robust dialogue between the Securities and Exchange Commission and the Committee of European Securities Regulators (CESR) is essential for transatlantic capital markets convergence; and,
- The reduction of global trade barriers in financial services should be a key area of U.S.-EU cooperation and joint advocacy.
Lackritz’s complete testimony can be viewed at http://www.sia.com/testimony/html/mlackritz6-16-05.html.