SIFMA and AFME provide comments to the U.S. Department of Treasury and the European Commission on the upcoming US-EU Financial Markets Regulatory Dialogue (FMRD).  The groups share concerns over recent regulatory reform developments in the transatlantic financial markets which may result in a fragmented transatlantic capital market, to the detriment of consumers, investors, and other market participants.  SIFMA and AFME believe the FMRD should build from the G20 principles and work to promote coordinated, consistent, and reasonable reforms that generate real benefits to firms and investors on both sides of the Atlantic. Coordinated transatlantic reforms will provide an important marker for G20 members with less developed capital markets.