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PRINCIPALS OF U.S., EUROPEAN BANKING UNION, AND U.K. FINANCIAL AUTHORITIES MEET FOR REGULAR COORDINATION EXERCISE ON CROSS-BORDER RESOLUTION PLANNING

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WASHINGTON – The heads of resolution, regulatory and supervisory authorities, central banks, and finance ministries of the United States, the United Kingdom, and the European Banking Union are among leaders participating in a Trilateral Principal Level Exercise (TPLE) on Saturday, April 20, 2024.

The meeting is part of a series of regular exercises and exchanges among the principals of these key financial sector authorities. The intent is to enhance understanding of each jurisdiction’s resolution regime for global systemically important banks (G-SIBs), strengthen coordination on cross-border resolution, and promote confidence in and commitment to the orderly resolution of G-SIBs.

The 2024 TPLE builds on a series of such exercises going back to 2014, with the European Banking Union authorities joining in 2016. The exercise coincides with the spring meetings in Washington, D.C. sponsored by the World Bank and International Monetary Fund. The 2024 TPLE will draw on cross-border cooperation processes developed to operationalize international standards applicable to G-SIBs and lessons learned from the 2023 failures of large banks in multiple jurisdictions.  

The Federal Deposit Insurance Corporation (FDIC) will host the TPLE. Participants from the U.S. include principals from: the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the FDIC, the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the Commodity Futures Trading Commission.

Participants from the European Banking Union include principals from: the Single Resolution Board, the European Commission, and the European Central Bank.

Participants from the United Kingdom include principals from His Majesty’s Treasury and the Bank of England.

U.S.-UK Joint Statement on the U.S-UK Data Bridge

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Washington D.C., June 9 – U.S. Secretary of Commerce Gina Raimondo and UK Secretary of State for Science, Innovation, and Technology the Rt Hon Chloe Smith MP issued a joint statement yesterday on the announcement that both countries have committed in principle to establish a data bridge.

“Today, President Joseph R. Biden and Prime Minister Rishi Sunak announced that they have committed in principle to establish a data bridge allowing for the free flow of data between organizations in the United Kingdom and participating organizations in the United States.

“This announcement represents the UK’s intent to establish a data bridge for the UK Extension to the U.S.-EU Data Privacy Framework, subject to the UK’s data bridge assessment and further technical work being finalized, and dependent on the U.S. designation of the UK as a qualifying state under Executive Order 14086.

“Today’s announcement also reflects two years of progress and is a key step towards realizing both countries’ mutual ambition to establish a data bridge that would restore a robust and reliable mechanism for U.S.-UK data flows. 

“A U.S.-UK data bridge would uphold the rights of data subjects, facilitate responsible innovation, and provide individuals in both countries greater access to the services that suit them, whilst reducing the burdens on businesses and delivering better outcomes for people.

“We expect that the establishment of the data bridge will also further facilitate transfers to U.S. organizations that rely on other data transfer mechanisms under UK law.

“Reaching this significant milestone builds on the goal set at the inaugural meeting of the U.S.-UK Comprehensive Dialogue on Technology and Data, in January, to finalize a data bridge for U.S.-UK data flows in 2023 and is reflective of the importance of international collaboration to meet the global challenges and opportunities on data.

“We will continue working together to facilitate trusted cross-border data flows, including on multilateral initiatives, such as the Global Cross-Border Privacy Rules Forum, and through international fora, such as the Organization for Economic Cooperation and Development (OECD).”