While, in order to decrease the risk of burdensome and inefficient regulatory overlap, the position held in the European EMIR regulation proposal is to support mutual recognition regimes, registration regimes do remain implemented in other major jurisdictions; in particular, in the US as foreseen in the Dodd Frank Act that applies to activities outside the US that have a “direct and significant connection with activities in, or effect on, commerce of the United States.” In practice this may mean that non-US entities would become subject to the requirement of the DFA, unless an exemption is granted. In my view, the US regulation and the subsequent registration to US authorities should not lead European entities to be subject to a redundant or a double regulation. The issue of access to the information stored in trade repositories is also particularly sensitive. One can easily understand that if the national supervisory bodies keep both full access to the locally registered TR and full control of the access granted to foreign supervisors, we will rapidly conclude that we need one TR per asset class and per country, which will clearly be sub-optimal from a supervisory point of view, since we need a consolidation of the risks, and from an industrial point of view with an increased cost for everybody.
The CLMV countries have reduced tariffs on 98.86% of their tariff lines to the 0–5% tariff range in 2010, and are expected to eliminate tariffs on these goods by 2015, with flexibility for a few tariff lines until 2018. BIS central bankers’ speeches  1  •  On services, ASEAN Member States have recently completed the eighth package of commitments under the ASEAN Framework Agreement on Services. What this means is that we can expect the reduction of services barriers, such as foreign equity limits in the ASEAN countries. •  On investment, the ASEAN Comprehensive Investment Agreement entered into force in March last year. This agreement has established stronger, pro-business rules, with enhanced investment protection for both ASEAN-owned investments and also foreign-owned investments based in ASEAN2. Singapore’s multilateral agreements However, to enable businesses to access major markets more easily, Singapore has also broadened our engagement with Asia Pacific beyond ASEAN. By doing so, we aim to reduce trading costs. To this end, Singapore actively participates in negotiations of several multilateral trade agreements. One example of such a multilateral trade agreement is the Regional Comprehensive Economic Partnership, or RCEP, which is a partnership between ASEAN and six other countries, namely Australia, New Zealand, China, Japan, India and South Korea. Regional Comprehensive Economic Partnership (RCEP) and Renminbi (RMB) Internationalisation This agreement builds upon the existing ASEAN+1 free trade agreements (FTAs) FTAs by bringing together ASEAN’s existing FTAs with its key partners into a single comprehensive agreement.