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 Günter 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 Günter
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.