SIFMA Statement on USMCA Trade Agreement

Washington, D.C., December 10, 2019 – SIFMA today released the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, commending the agreement to proceed on the United States, Mexico and Canada Agreement (USMCA) and strongly supporting its adoption:

“USMCA includes a robust financial services chapter updating the existing language in the North American Free Trade Agreement. SIFMA and its members are now eager to see the necessary legislation introduced, passed and implemented. For the first time in any U.S. trade agreement, USMCA includes a prohibition on forced data localization while ensuring regulators maintain the necessary access. We strongly support this outcome and believe it should be replicated in future trade agreements beyond USMCA.”

The agreement enhances the depth of market access in cross-border financial services by:

o   Extending the market access article to financial services thereby prohibiting governments from imposing measures such as, for example, limiting the number of suppliers;

o   Extending the scope of National Treatment in financial services to electronic payment systems, portfolio management and investment advice.

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.