US regulators are demanding the right to probe books, records and emails at the headquarters of Europe’s biggest financial groups, prompting deep EU unease over Washington’s intruding on its patch to collect highly sensitive data.

美国监管机构要求得到在欧洲各大金融集团的总部审阅账簿、记录和电子邮件的权利，引发欧盟方面的深切不安，担心美方侵入欧盟的地盘收集高度敏感的数据。

The behind-the-scenes dispute over investigative powers to police complex markets has taken on new significance in the wake of US spying revelations, which have amplified European fears about US over-reach.

围绕获得调查权以监管复杂市场的幕后纠纷，在美国间谍活动曝光后变得更加举足轻重了。美国间谍行为的曝光加剧了欧方对于美国触角过长的担心。

The US access demands set a test of political will over coming months as the transatlantic authorities mark out regulatory turf in enforcing the slew of post-2008 crisis rules designed to reduce international financial risks to domestic taxpayers.

美国对调查权的要求，为未来几个月美欧展开一场政治意志的较量搭起了舞台。美欧主管部门正就执行2008年金融危机后出台的一系列规则划定监管权限，这些规则旨在为国内纳税人降低国际金融风险。

Senior EU and US officials have been working on ground rules for conducting cross-border data requests and finding solutions to the legal impediments in some countries to reporting derivatives trades.

欧盟和美国的高级官员近来致力于制定一些基本规则，涉及如何处理跨境数据请求，以及针对某些国家在报告衍生品交易方面的法律障碍找到解决方案。

Yet according to those involved, the Securities Exchange Commission and Commodity Futures Trading Commission are unwilling at any stage to cede the right to obtain, where necessary, material directly from overseas derivatives dealers or hedge funds that register in the US.

但据参与磋商的一些人士表示，美国证交会(SEC)和商品期货交易委员会(CFTC)不愿意在任何阶段放弃调查权利，即在必要情况下从在美国登记的海外衍生品交易商或对冲基金直接获取资料的权利。

Instead of relying on home regulators to collect data, this would in effect mean US authorities could demand unrestricted access to internal messages and trading books at Barclays in London, Deutsche Bank in Frankfurt and Société Générale in Paris. Officials close to the talks said financial executives in Europe were “struggling to comprehend” how to meet registration requirements that could badly clash with privacy laws.

与依靠本国的监管机构收集数据不同，这意味着美国有关部门可要求不受限制地查看欧洲金融机构的内部信息和交易账簿，如伦敦的巴克莱银行(Barclays)、法兰克福的德意志银行(Deutsche Bank)以及巴黎的法国兴业银行(Société Générale)。接近磋商的官员们表示，欧洲的金融业高管正“竭力理解”如何满足有可能与隐私法律发生抵触的登记要求。

Data access is one of the most contentious elements outstanding as the EU and US work towards the smooth implementation of a political accord that will eventually divvy up enforcement responsibilities on the $633tn global over-the-counter derivatives market.

欧盟和美国正力争顺利实施一项政治协定，最终将划分针对633万亿美元的全球场外交易衍生品市场的执法责任。在此过程中，数据获取是尚未谈妥的最具争议性的一个方面。

Concerns were raised in Washington last week by Michel Barnier, the EU commissioner overseeing financial services, and a separate delegation of lawmakers, including Sharon Bowles, chair of the European parliament committee handling financial regulation.

上周，欧盟主管金融服务的专员米歇尔•巴尼耶(Michel Barnier)以及一个议员代表团——成员包括欧洲议会负责金融监管的委员会的主席沙伦•鲍尔斯(Sharon Bowles)——在华盛顿分别提出了欧方的关切。

Europe is worried that allowing access to details of thousands of trades conducted between banks and large corporations could breach data protection laws, or be used by the US for commercial advantage.

欧洲方面担心，让美方有权获取银行与大公司之间成千上万笔交易的细节，可能违反数据保护法律，或者被美国用来取得商业优势。

Ms Bowles said: “The US asking for unfettered access is a problem, not least as unfettered seems to imply they can go in and do the filtering, which begs the question of what else might they happen over and use improperly.”

鲍尔斯表示：“美国要求获得不受约束的调查权，这是一个问题，尤其是因为不受约束似乎意味着他们可以闯进门来，进行数据过滤，这难免令人质疑，他们还可能发现什么东西，并进行不当的利用？”

Scott O’Malia, a CFTC commissioner present at the meeting, said the issue of data access was “a great litmus test” on whether the EU and US eventually recognised their respective rules were in effect the same.

参与磋商的美国商品期货交易委员会专员斯科特•奥马利亚(Scott O'Malia)表示，获取数据的问题是“一个很好的考验”，看欧盟和美国最终是否承认，他们各自的规则实际上是相同的。