WASHINGTON — The Treasury Department on Friday announced that the U.S. has agreed with financial regulators in Canada and Mexico to establish a multilateral forum to address financial regulatory concerns affecting the three countries.
Treasury announced the creation of the Canada-Mexico-United States Financial Regulatory Forum just as the leaders of the three countries signed a multilateral trade pact to replace the 1994 North American Free Trade Agreement.
The two-page memorandum accompanying Treasury’s release said that the purpose of the forum was to “enhance regulatory dialogue on financial sector developments and financial regulatory practices and procedures.” The forum will convene annually on a rotating basis, and will be attended by “a lead representative or designee of the lead representative” from Treasury, the Department of Finance of Canada and the Ministry of Finance and Public Credit of Mexico.”
Among the areas the forum is intended to address are cross-border financial regulatory issues, emerging financial sector developments, “possible enhancements to regulatory cooperation,” international standards or other topics “the authorities mutually decide.”
