International Coordination

The FMLC has enduring connections with sister organisations around the world with which it participates regularly in information-exchange activities.

In particular, the FMLC participates in an annual conference with the Quadrilateral Group, comprised of the European Financial Markets Lawyers Group (“EFMLG”) at the European Central Bank, the Financial Markets Lawyers Group (“FMLG”) at the New York Federal Reserve and the Financial Law Board (“FLB”) at the Bank of Japan.  The Conference provides an opportunity to discuss global issues of concern to the financial markets.  The FMLC hosted the Quadrilateral Conference in 2016.

The FMLC also participates in a quarterly forum to discuss issues relating to substituted compliance and mutual recognition, proposed by the FMLG.  It continues to have a close relationship with the CFTC in the U.S.

In addition, a biannual video conference is held between members of the Quadrilateral group and representatives from the Hong Kong Monetary Authority, the Swiss National Bank, and the Singapore Monetary Authority.  As so many issues affecting the wholesale financial markets have European—if not global—application, this enables the FMLC to compare and discuss international issues of legal uncertainty.

The 2020 meeting of the Quadrilateral Conference—an annual arrangement with the FMLG (associated with the NY Federal Reserve), EFMLG (ECB) and FLB (Bank of Japan) to meet annually to discuss topics of mutual interest—was cancelled owing to Covid-19 restrictions.  An interim conference was convened virtually instead on 21 October 2020.