The extension of the perimeter should follow the principle that similar activities and risks must be subject to the same rules. It is now essential to ensure the complete implementation of the new rules, as scheduled and in all the different jurisdictions. The United States and Europe have a key responsibility.
National interests must not prevail, otherwise the credibility of the reform and financial stability itself will be undermined. Intermediaries cannot call for shared rules to ensure a level playing field and at the same time seek competitive advantages through their less strict application at national level.