Trade bodies raise third-country fears

Financial lobbying heavyweights write open letter to the US Treasury over concerns about 'extraterritoriality'

Friday 20 April 2012 at 17:55

Four of the world's largest financial trade bodies have joined forces to raise concerns over the so-called "third country" impact of new financial legislation, amid growing fears that efforts to coordinate reforms across different countries could increase risk and curtail global trade.

"Third-country' rules relate to the way, for example, that non-EU firms will be able access the EU under new legislation, and to the way EU firms operate in foreign jurisdictions.