From: Global Regulatory Cooperation [[email protected]]
Sent: Tuesday, December 04, 2007 12:20 PM
To: Global Regulatory Cooperation
Subject: November 2007 Newsletter

 

 

November 2007 Report

 

Current Issues

1)      OMB-EU High-Level Regulatory Forum – Draft Report Released for Comment

2)      Transatlantic Economic Council (TEC) Meeting

3)      U.S. Chamber of Commerce Submits Comments on IFRS Standards Concept Release

4)      Chamber Meets with Top Economic Officials of European Embassies

5)      Nominations being Accepted to the NACC

Noteworthy News Items

        SEC to Accept IFRS Standards from Foreign Companies

        Europe Acts to Unify Regulatory Scheme

        China to Unveil 20 Regulations Governing Foreign M&A

        ABA Releases Comments on India’s Amendments to Its Competition Law

        China Agrees to End Subsidies

        EU Likely to Oppose Single Format for Mobile TV Services

 

CURRENT ISSUES

 

1)      OMB-EU High-Level Regulatory Forum - November 8, 2007 - The afternoon session of the High-Level Regulatory Forum was a public consultation held at the Chamber. Two panels consisting of trade experts and regulatory officials from the U.S. and EU discussed the international impact of domestic regulations and the lessons learned and challenges ahead for transatlantic regulatory cooperation.  OMB and the EU released a joint draft report to review application of EU and U.S. regulatory impact assessment guidelines on the analysis of impacts on international trade and investment.  The draft report examines the current practices regulators on each side of the Atlantic take in an effort to minimize the trade distorting impact of regulation.  OMB and the EU have asked for comment and suggested improvements by the end of February.

 

Media Items

View the Event Webcast

View the OMB/EU Draft Report

View EC Impact Assessment site

 

 

 

2)      Transatlantic Economic Council (TEC) Meeting - November 9, 2007 – Chairman Al Hubbard, Director of the National Economic Counsel, and GŁnter Verheugen, Vice-President of the European Commission, held the first TEC meeting since it was established earlier this year. The TEC released a Joint Report and Progress Report detailing the cooperative work that has been done thus far to reduce transatlantic regulatory burdens in specific sectors and how future progress will be made.

 

The U.S. Chamber of Commerce partnered with BUSINESSEUROPE in releasing a report card describing high points where the TEC is working to produce positive results and highlighting areas that needed more attention to embolden regulatory cooperation. The report applauded the TEC for the work it has done in its initial first meeting, but called for more transparency in planning and a focus on delivering results.

 

Media Items

Watch the TEC Brief webcast by Chairman Al Hubbard and EC VP GŁnter Verheugen

Read the Joint Statement from the TEC meeting

View the U.S. Chamber of Commerce press release

View the U.S. Chamber of Commerce/BUSINESSEUROPE report card

           

 

3)      U.S. Chamber of Commerce Submits Comments on IFRS Standards Concept Release - November 13, 2007 - The U.S. Chamber of Commerce submitted comments on the SEC concept release that would allow U.S. issuers to prepare financial statements in accordance with international financial reporting standards (IFRS). IFRS has become the global standard for financial reporting, while the U.S. Generally Accepted Accounting Principals (U.S. GAAP) used currently have diminished in effectiveness. The Chamber views IFRS as the future standard and “strongly supports efforts and policies that will facilitate convergence of global accounting standards and the adoption of IFRS into the U.S. reporting system.”

 

View the Chamber Comments

 

 

4)      Chamber Meets with Top Economic Officials of European Embassies - November 16, 2007 - The U.S. Chamber held its first meeting with top economic/commercial attaches of European embassies to discuss progresses of the TEC and Chamber policy objectives for next year. The meeting was held at the Portuguese Embassy with 22 countries and the EU Delegation represented. There was positive discussion regarding how to ensure sustainability of the TEC process through upcoming EU presidencies and strong feedback on using the TEC process as a tool to deepen the U.S.-EU transatlantic relationship. The involvement of member states in the TEC process is deemed to be essential to generate the political support in Europe needed to bring about concrete results. 

 

 

5)      North American Competitiveness Council (NACC) Calls for Nominations

In March 2005, the Leaders of Canada, Mexico and the United States launched the Security and Prosperity Partnership of North America (SPP) as a trilateral effort to increase security and enhance prosperity among the three countries through greater cooperation and information sharing. At their 2006 Summit, the North American Leaders recognized that to accelerate progress under the SPP they would benefit from direct engagement with the private sector. As a result business leaders from all three countries formed the North American Competitiveness Council (NACC), which was launched in June 2006.  The Chamber and the Council of the Americas serve as co-secretariat for the U.S. section of the NACC.  Click here for details on how your company, business association, or chamber of commerce may be able to participate in this initiative. Nominations are due by December 14, 2007.

 

 

NOTEWORTHY NEWS ITEMS

SEC to Accept IFRS Standards from Foreign Companies

The Securities and Exchange Commission eliminated a rule requiring foreign companies traded as U.S shares to convert to GAAP standards. The companies will now be allowed to submit their financial results using international financial reporting standards (IFRS).

See International Herald Tribune

See WSJ article

 

Europe Acts to Unify Regulatory Scheme

New guidelines were announced that will streamline regulation hindering Europe’s fragmented financial services industry. Changes are being made to meet the needs of an increasing number of Europeans who are interested in personal investments, opening new opportunities to U.S. companies.

See Investment News article

 

China to Unveil 20 Regulations Governing Foreign M&A

China announced at the China Industrial Security Forum in Beijing that they will introduce twenty regulations by next August on foreign mergers and acquisitions of domestic firms. The Forum was also the ceremony to inaugurate the China Center for Industrial Security Research.

See China View article

 

ABA Releases Comments on India’s New Amendments to Its Competition Law
Last month, India enacted amendments to its competition law that established a mandatory pre-merger notification system, with a waiting period of 210 days before a notified deal may close. Deals covered include acquisitions of assets and businesses outside of India, if the buyers are located in India and size thresholds are met. The American Bar Association (ABA) recently released their comments on the merger control provisions of the amendments.

View ABA comments

 

China Agrees to End Subsidies

China agreed to end several subsidy programs that the U.S. had challenged under WTO rules. The agreement was heralded as a great example of how two economic powers can work together to settle disputes.

View Bloomberg article

View Industry Week article

 

EU Likely to Oppose Single Format for Mobile TV Services

The EC is likely to oppose a single format approach to when deciding the standard for mobile TV, preferring that the market decide what is best. It is believed by some that mobile TV will not be able to develop without a single standard.

View Dow Jones article

 

 

 

The Global Regulatory Cooperation (GRC) Project issues a monthly report of recent and planned activities.  This report reflects the work that the GRC Project has underway in partnership with other divisions across the U.S. Chamber of Commerce.  If you have any questions about what is contained in this report or to be added/removed from this distribution list contact Ben Kester at [email protected] or call him at 202-463-5802. For more information refer to the GRC website at www.uschamber.com/grc.