An EU proposal to give benchmarks oversight to a European watchdog could conflict with US standards, creating a second point of trans-Atlantic friction between commodity authorities, a US derivatives regulator said.
Brian Quintenz, a Republican member of the US Commodity Futures Trading Commission, said an EU proposal last fall to change its new financial benchmarks rules could cause US firms to be subject to conflicting requirements.
“These amendments could result in yet another example of extraterritorial overreach by EU authorities,” he said Thursday at a CFTC committee meeting on the London Interbank Offered Rate. “I hope that US regulators and their counterparts can coordinate on this issue.”
CFTC's Quintenz voices concern about EU benchmarks regulation plan
16 July 2018 7:58am