Commenting on the unveiling of the new European Commission today, Simon Lewis, Chief Executive of the Association for Financial Markets in Europe (AFME), said: “AFME welcomes today's announcement by President-elect Jean-Claude Juncker on the composition of the new European Commission. We are confident the new Commission will be able to drive the measures necessary to return the EU to solid and sustainable economic growth and prosperity. “AFME also congratulates Jonathan Hill on his appointment as the new Commissioner responsible for Financial Stability, Financial Services and Capital Markets Union. This recognises the importance of Europe’s capital markets at a crucial moment, as an unprecedented array of new regulatory measures reach the implementation phase. We look forward to providing the industry assistance necessary to ensure the reforms deliver an efficient, well-integrated financial services market, supporting growth in the European economy.” -ENDS-

Commenting on the Prudential Regulation Authority’s (PRA) policy statement, in response to feedback received from the consultation on clawback, Simon Lewis, Chief Executive of the Association for Financial Markets in Europe (AFME), said: “AFME and its members support remuneration policies, such as appropriately calibrated clawback rules, that foster sound risk management and avoid incentives for excessive risk taking and short‐termism. In respect of the competitiveness of the UK financial services sector, while we note that some of the industry’s comments have been addressed in the PRA’s response, we remain concerned about the lack of coordination of clawback arrangements at the international level.” -ENDS-

Washington, D.C. and London, June 13, 2014 – SIFMA President and CEO Kenneth E. Bentsen, Jr. and AFME CEO Simon Lewis today issued the following statement in response to remarks by Michel Barnier, European Commissioner for Internal Market and Services, at the Peterson Institute for International Economics regarding developments in US-EU financial services and a Transatlantic Trade and Investment Partnership (TTIP): “SIFMA and AFME believe it is imperative that financial services regulatory coordination be included as a key component of TTIP, and we commend Commissioner Barnier for his focus on this issue. A financial services regulatory framework between the US and EU would enhance coordination, reduce conflict and confusion, and improve the efficiency of regulations across borders. We urge policymakers to capitalize on this opportunity provided by TTIP to promote consistent high-quality regulatory standards in global markets and economies that are closely intertwined.” -30- The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org. The Association for Financial Markets in Europe advocates stable, competitive and sustainable European financial markets, which support economic growth and benefit society. AFME (Association for Financial Markets in Europe) promotes fair, orderly, and efficient European wholesale capital markets and provides leadership in advancing the interests of all market participants. AFME represents a broad array of European and global participants in the wholesale financial markets. Its members comprise pan-EU and global banks as well as key regional banks, brokers, law firms, investors and other financial market participants. AFME participates in a global alliance with the Securities Industry and Financial Markets Association (SIFMA) in the US, and the Asia Securities Industry and Financial Markets Association through the GFMA (Global Financial Markets Association). For more information please visit the AFME website, www.afme.eu.

In response to the announcement by the UK Treasury of a “Fair and Effective Financial Markets Review,” Simon Lewis, Chief Executive of the Association for Financial Markets in Europe, commented: “AFME supports measures designed to preserve and increase confidence in the fixed income, currency and commodity markets. These markets underpin global trade and investing, serving the interests of end users such as institutional investors, companies and governments. It is critical that they remain fair, transparent and competitive, and to this end we welcome the Review’s areas of focus. Our members are international firms active in global markets, and it is important as the review progresses that it takes account of the broader regulatory agenda so that any further proposals dovetail with measures already in place at the European and international level. We look forward to engaging with the detailed work of the Review.” ‐ENDS‐

The Association for Financial Markets in Europe (AFME) has welcomed the discussion paper, ‘The case for a better functioning securitisation market in the European Union’, published today by the Bank of England (BoE) and the European Central Bank (ECB). “The paper summarises concisely what went wrong during the financial crisis, and helpfully acknowledges the steps already taken in Europe to address those shortcomings, as well as the strong performance of high‐quality securitisation in Europe,” commented Simon Lewis, Chief Executive, AFME. “Most importantly, the paper poses several interesting ideas for further discussion – most significantly, the concept of ‘qualifying securitisations’. This fits well with recent calls by the European Commission to revive a sustainable market for high‐quality securitisation in Europe, as well as the analysis currently being undertaken by the European Banking Authority. He added: “AFME and the industry are keen to continue our constructive engagement with the Bank, the ECB, the Commission and other policymakers to continue to develop this concept. Much work remains to be done, and there remain difficult challenges to resolve – for example, how to avoid cliff effects; how to address the different motives behind any single definition of ‘high quality’; and how to strike the right balance between meeting the needs of the real economy, while maintaining high quality. “We believe it is crucial for industry and policymaker discussions to converge in a single forum, where we can all work together in a co‐ordinated way. The prize will be an agreed standard that can be applied widely, usefully, easily and clearly to help revive European high‐quality securitisation.” ‐ENDS‐

The Association of Financial Markets in Europe (AFME) today issued the following statement in response to the publication of the final report of Sir Richard’s Lambert’s Banking Standards Review. Sir Richard Lambert and his team have taken on board many of the issues raised at the consultation stage; particularly in clarifying the relationship between the regulatory regime and monitoring professional standards, and in clearly defining the remit of the new body, both geographically and organisationally. We particularly welcome his statement that the free movement of talent in and out of the City of London should not be constrained. We will discuss the report with our members, and look forward to working with Sir Richard and his team in the next phase of their work. ‐ENDS‐

LONDON, 14 May 2014 -- The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, today announced a leadership transition as the terms of the current Chair and CEO expire. The appointments were approved yesterday at GFMA’s Board of Directors meeting in London. Effective immediately, Samir Assaf, Chief Executive of Global Banking and Markets, HSBC, takes over as Chair of GFMA from Blythe Masters, Head of Global Commodities at JPMorgan Chase. Additionally, Kenneth E. Bentsen, Jr., President and CEO of the U.S-based Securities Industry and Financial Markets Association (SIFMA), takes over as CEO of GFMA from Simon Lewis, who is Chief Executive at the Association for Financial Markets in Europe (AFME). Both Simon and Blythe have been in their posts for two years. Mr. Bentsen will continue to lead SIFMA. Samir Assaf will serve as Chair for a term of two years, and Ken Bentsen will serve as CEO for a term of three years. GFMA brings together three of the world’s largest financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts: the Association for Financial Markets in Europe (AFME), the Asia Securities Industry & Financial Markets Association (ASIFMA) and, in the United States, the Securities Industry and Financial Markets Association (SIFMA). In the coming months, GFMA will focus on important issues related to Basel capital and liquidity standards, cross-border regulation, the global legal entity identifier (LEI) initiative and cross-border resolution, among others. More information on GFMA’s priorities can be found here: http://gfma.org/initiatives/. Samir Assaf, GFMA’s new Chair, commented: “Many of the new regulations being implemented across the world are necessary for the stability of the financial system, but they also represent a great challenge to the financial industry. GFMA provides a global and unified voice for the industry, seeking to promote consistency of regulation across borders and to support the flow of capital to industries, economies and societies where it is needed. GFMA can help craft effective regulatory reform that maintains market efficiency and integrity while helping the financial industry drive economic growth and opportunity. I’d like to thank Blythe and Simon for their leadership over the past two years and their substantial impact on the global agenda." Kenneth E. Bentsen, Jr., GFMA’s new CEO, commented: “Blythe and Simon have made tremendous progress in establishing the GFMA as a substantive voice before global and regional regulators. Financial regulation on the global stage continues to be a top priority for the industry, and I look forward to working with Samir in his new role as Chair. GFMA and its member organizations remain committed to working with regulators and policymakers to ensure they have constructive industry insight needed to adopt responsible regulation that is consistent and coordinated across jurisdictions.” Samir Assaf is Chief Executive of Global Banking and Markets, a Group Managing Director and member of the Group Management Board at HSBC, roles he assumed on 1 January 2011. He was appointed Head of Global Markets in January 2008 and a Group General Manager in May 2008. Mr Assaf joined HSBC in 2000 when the bank acquired CCF, where he was Head of Markets. Previously he was at Groupe Total, where he was Head of Treasury. Kenneth E. Bentsen, Jr., is President and CEO of SIFMA. Previously, Mr. Bentsen served as President, and earlier as the Executive Vice President of Public Policy and Advocacy for SIFMA, responsible for SIFMA's legal, regulatory, and legislative affairs and advocacy initiatives. Prior to joining SIFMA, Mr. Bentsen was president of the Equipment Leasing and Finance Association (ELFA). From 1995 to 2003, Mr. Bentsen served as a Member of the United States House of Representatives from Texas. Mr. Bentsen previously worked as an investment banker in New York and Texas. More information on GFMA is at www.gfma.org ‐ENDS‐

Simon Lewis, Chief Executive, AFME, has issued the following statement concerning the Financial Transaction Tax (FTT), on conclusion of the ECOFIN meeting today: “The intention of the participating Member States to introduce an FTT by 2016 is disappointing. Although the evidence continues to show that such a tax will have serious harmful economic effects for end-users of financial markets throughout Europe, the participating Member States are working towards imposing a tax on transactions in equities and certain types of derivatives. “This would have a negative impact on growth and jobs, while creating uncertainty for investors by leaving the door open for further taxation through the step-by-step approach that is now envisaged.” -ENDS-

Simon Lewis, Chief Executive, AFME, has issued the following comment on today’s European Court of Justice (ECJ) ruling on the Financial Transaction Tax (FTT): “Given the seriously damaging implications of the proposed Financial Transaction Tax, we are disappointed by the European Court of Justice’s decision. However, the judgment is focused on procedural matters, and this has always been a possible outcome. “We urge the 11 countries involved to take the opportunity to revisit the need for a tax that will act as a brake on economic recovery in Europe by increasing costs to investors and companies. All the evidence continues to show that the proposed transaction tax will have serious harmful economic effects for end‐users of financial markets throughout Europe – not only within the 11 member states that are considering it. Against this background, the UK was right to mount a legal challenge.” ‐ENDS‐

The Association for Financial Markets in Europe (AFME) welcomes the joint paper on reviving securitisation by the European Central Bank (ECB) and the Bank of England (BoE), published today. The paper says that concerted action, involving a range of policymakers and regulators, is needed to increase issuance of asset‐backed securities (ABS). AFME has long argued that securitisation has the potential to unlock the funding needed for Europe’s economic recovery. This joint paper outlines the practical steps needed to revive Europe’s securitisation market. “Although policymakers at a senior level have been saying encouraging words about the economic benefits that Europe’s securitisation sector can bring, it is clear that time is running out for the positive regulatory signals needed on Liquidity Coverage Ratio and Solvency II. Europe risks sending mixed signals to the market,” commented Simon Lewis, AFME’s Chief Executive. Actions needed AFME believes that the following measures are needed to boost securitisation in Europe: Recalibration of risk‐weightings for European high‐quality ABS Lower capital charges for insurers holding asset‐backed securities (ABS) under the Solvency II proposals, which are calibrated to levels sufficient to attract actual investment by insurers compared to other instruments of comparable quality Greater co‐ordination between regulators within Europe and internationally A level playing field for securitisation – e.g. disclosure requirements – compared to other forms of fixed income instruments Inclusion of a wider range of high‐quality securitisations as high‐quality liquid assets (HQLA) in the Liquidity Capital Ratio (LCR) – not just RMBS, but also securitisations backed by “real economy” assets, including credit cards, consumer loans, SME, auto loans and certain other high-quality assets. ‐ENDS‐