Release Number 8724-23

Commissioner Johnson Hosted a European Financial Markets Supervision Roundtable with U.S. Ambassador to Spain and Andorra

June 21, 2023

Madrid, Spain — CFTC Commissioner Kristin Johnson and the Honorable Julissa Reynoso Pantaleón, U.S. Ambassador to Spain and Andorra, today hosted a financial markets roundtable with leading voices in global prudential and capital markets regulation at the Ambassador Residence in Madrid, Spain.

“This roundtable more than exceeded its intended purpose, which was to bring together esteemed professionals and experts from the financial services industry to engage in a comprehensive discourse regarding the regulation of global markets,” said Commissioner Johnson. “This dialogue included an overview of salient issues and concerns that are top of mind for capital markets and banking regulators and market participants.”

Attending the roundtable were representatives of the Ministry of Finance, the Spanish Treasury, the Spanish Central Bank (Banco de España), Comisión National del Mercado de Valores (CNMV), the International Organization of Securities Commissions (IOSCO), the International Swaps and Derivatives Association (ISDA), and market participants.

The attendees examined a wide array of topics, including strategic and regulatory priorities such as the review of the European regulation of central counterparties (EMIR), the implementation of Basel III, financial market infrastructure recovery and resolution, and the digitization of finance including regulatory oversight of cryptocurrencies and stablecoins. In addition, there were discussions on the recent publication and pending implementation of the Markets in Crypto-Assets (MiCA) Regulation, as well as the diverse use cases for distributed digital ledger technology. The attendees also discussed sustainable finance initiatives and regulation including the ESG ratings proposal, ESG components of benchmark reform, corporate sustainability due diligence, and the emerging markets for carbon credits.

“The Spanish Presidency of the Council of the European Union will begin in a few weeks and this convening offered a critical opportunity to learn about strategic priorities, consider outstanding and emerging opportunity areas that may benefit from refined regulation, and emphasize harmonization and coordination among global financial market regulators,” said Commissioner Johnson.

“I extend my sincere gratitude to Ambassador Reynoso for graciously hosting the convening,” Commissioner Johnson continued. “The Ambassador’s insightful questions and thoughtful engagement significantly contributed to the robust dialogue. I look forward to continuing the important and timely conversations that we started today.”