In its Annual Report to Congress, the Office of Financial Research ("OFR") found that risks to U.S. financial stability are "in the medium range overall." OFR said market risk is due to historically high stock prices, but stated that current solvency and leverage risks are low. Cybersecurity was also identified as a high risk. The OFR report addressed these regulatory issues: proposed changes to large bank holding company capital regulation (p. 23); effects of a failed financial firm's derivatives exposures (p. 32); bond market liquidity based on TRACE data and the effects of "all-to-all"

The FIA, Deutsches Aktieninstitut, AFME, EDMA, ICMA, Swiss Finance Council and ISDA (collectively, the "Associations") contended that imposing further conditions to the European Union ("EU") equivalence approach and making it more restrictive would be harmful to EU financial and non-financial counterparties and to EU venues. In a letter to EU policymakers, the Associations underscored the importance of a robust equivalence framework, which is intended to "preserve the integrity of and access to EU capital markets, facilitating European financing and growth." According to the Associations, EU

European Commission and UK negotiators set out a draft of the terms of the UK's exit from the European Union.

At a roundtable event, SEC Commissioners set the stage for market participants to discuss (i) proxy voting mechanics and technology, (ii) the shareholder proposal process and (iii) the role and regulation of proxy advisory firms.

FDIC Chair Jelena McWilliams outlined the risks and benefits associated with the migration of financial products and services from banks to nonbanks.