CFTC Chair J. Christopher Giancarlo identified elements of successful regulatory and supervisory cooperation between the United States and Europe: overcoming history, building trust, commitment to shared principles, and addressing challenges. In remarks at the Eurofi Financial Forum in Bucharest, Mr. Giancarlo acknowledged that the CFTC's 2013 cross-border guidance "alienated many overseas regulatory counterparts" and said that when he became CFTC Chair, he took steps to acknowledge the issues prompted by the CFTC's "expansive approach to applying its swaps rules to cross-border activities"

The Federal Reserve Board ("FRB") approved changes to its Payment System Risk Policy relating to intraday credit that is available to U.S. branches and the agencies of foreign banking organizations ("FBOs"). The changes remove references to the Strength of Support Assessment ranking and to the financial holding company status of FBOs. The FRB also approved the adoption of alternative methods for determining (i) an FBO's eligibility for a positive net debit cap, (ii) the size of its net debit cap and (iii) an FBO's eligibility for requesting a "streamlined procedure to obtain maximum daylight

The Federal Reserve Board, the Office of the Comptroller of the Currency ("OCC"), the FDIC and the National Credit Union Administration updated its FAQ on the new credit losses accounting standard. Separately, the OCC rescinded two Bulletins related to the new credit losses accounting standard. As previously covered, the new accounting standard introduces the current expected credit losses methodology ("CECL") for "estimating allowances for credit losses." The amended FAQ adds to the guidance provided in 2017 and 2016, specifically addressing: collateral-dependent loans; "reasonable and

The SEC rule mandating that the appointment or removal of a Public Company Accounting Oversight Board ("PCAOB") hearing officer be subject to agency approval was published in the Federal Register. The rule is effective as of April 3, 2019.

FINRA proposed to adopt legacy NASD and Incorporated NYSE Rules and Interpretations into the consolidated FINRA rulebook without any substantive changes. FINRA proposed to adopt: the NASD Rule 1010 Series ("Membership Proceedings") into the FINRA Rule 1000 Series; NASD Rule 1090 ("Foreign Members") as FINRA Rule 1021; NASD Rule 2340 ("Customer Account Statements") as FINRA Rule 2231; NASD Rule 2510 ("Discretionary Accounts") as FINRA Rule 3260; NASD Rule 3140 ("Approval of Change in Exempt Status under Exchange Act Rule 15c3-3") as FINRA Rule 1020; NASD Rule 3150 ("Reporting Requirements for