"We also recognize that the mobility of capital means that, while the ultimate decision as to what rules to adopt is a sovereign decision of each individual nation, success in this effort requires us to consult closely with other major financial centers with the goal of achieving appropriate coordination and minimizing any opportunities for regulatory arbitrage," the letter said.

"We agree that we must redouble our efforts to promote openness, transparency and plain language throughout our financial system. Such openness and transparency will benefit consumers, investors, the markets and the entire financial sector," the letter said.

Their message also mentioned executive compensation, stating: "We also support comprehensive reform of the corporate governance and executive compensation of financial institutions.

"We will continue to work together with your administration to ensure a new corporate governance framework which demands strict accountability of executives and promotes long-term value and growth for shareholders, companies, workers and the economy at large," it added.