In a letter to G20 leaders, Financial Stability Board ("FSB") Chair Mark Carney reported the steps that the FSB has taken to meet its 2018 priorities. The four priorities include (i) dealing with emerging vulnerabilities while capitalizing on innovation, (ii) the completion and implementation of post-crisis G20 reforms, (iii) ensuring that such reforms are operating efficiently and (iv) optimizing how the FSB works in order to maximize effectiveness and transparency. Mr. Carney highlighted: the importance of continued vigilance to contain the risks of "non-bank finance"; that the FSB will seek

The Financial Stability Board ("FSB") agreed to several recommendations from a Plenary working group ("working group") to improve the transparency of internal processes and communications with external stakeholders. The working group was created in January 2018 to review the FSB's procedures in order to (i) better align policy work and processes with the FSB's financial stability mandate, (ii) enhance the effectiveness of senior-level meetings and working groups and (iii) improve communication and engagement with external stakeholders. Among other recommendations, the FSB agreed to: make more

The European Securities and Market Authority ("ESMA") is working with the European Commission to plan "preparatory actions for the recognition process of UK [central counterparty clearing houses]" ("CCPs") in the event of a "no-deal" situation. In a public statement, ESMA highlighted the European Commission Contingency Action Plan (the "Action Plan") published on November 13, 2018 which addressed financial stability risks in the European Union arising from UK withdrawal without any agreement. ESMA emphasized that in the event of a UK withdrawal without an agreement, the European Commission

SEC Commissioner Hester M. Peirce expressed concern over the United States' conflicting regulatory approach to cryptocurrency, and stated that U.S. regulators are sending "mixed messages" to entrepreneurs.

The FDIC adopted a final rule that will rescind regulations concerning the fiduciary powers of state savings associations and amend regulations regarding consent requirements for the exercise of trust powers.