The inaugural meeting of the Joint EU-Japan financial regulatory forum was held in Tokyo on 11th October. (The earlier Japan-EU High Level Meeting on financial Issues was transformed into this Forum in line with the Annex for Regulatory Cooperation on Financial Regulation contained in the Japan-EU economic partnership agreement (EPA)). This year’s meeting provided an important opportunity for Senior Officials from both sides to exchange views on the recent regulatory and supervisory developments in the financial sector at international level and in their respective jurisdictions.
The Council adopted revised rules for clearing houses in the single market.
The new framework sets out how EU and third country clearing houses should be supervised in the future, taking particular account of the effects of Brexit on the European financial system. It will be implemented through a revision of the European market infrastructure regulation (EMIR).
The Single Resolution Board (SRB) and Japan’s Financial Services Agency (FSA) have agreed to cooperate on resolution planning for banks, through an exchange of letters. The letters were signed on 11 October 2019 in Tokyo at the EU-Japan Joint Financial Regulatory Forum, hosted by the FSA and co-organised with the European Commission.