The European Securities and Markets Authority ("ESMA") laid out an approach to the application of the Markets in Financial Instruments Directive ("MiFID II") / Markets in Financial Instruments ("MiFIR") and the Benchmark Regulation ("BMR") in the event of a "no-deal" Brexit. ESMA noted that there is still uncertainty as to the timing and conditions for a Brexit and added that, if circumstances change, ESMA will modify its approach. ESMA stated that, in the case of a no-deal Brexit: trading venues in the United Kingdom will no longer be considered EU trading venues beginning on March 30, 2019

The Federal Reserve Board and FDIC (collectively, the "agencies") will jointly hold two meetings on the proposed merger of BB&T Corporation with SunTrust Banks, Inc. The agencies stated that the purpose of the meetings will be to collect information regarding the needs of the communities to be served, which will include an evaluation of the insured depository institutions' performance under the Community Reinvestment Act. The agencies also extended the public comment period through May 3, 2019.

North American Securities Administrators Association ("NASAA") President Michael Pieciak offered recommendations on how the SEC can improve Regulation Best Interest ("Regulation BI") to benefit investors. In a written statement to the U.S. House of Representatives Committee on Financial Services, Mr. Pieciak said that it is necessary to raise the "standard of care" applicable to investment professionals to "reflect the evolution of how financial advice is delivered to customers." The standard of care, according to Mr. Pieciak, cannot be a "conflicts disclosure regime," but must be one where

EU lawmakers agreed to new legislation on how EU and third-country clearing parties operating in the European Union should be supervised. According to the EU Council, the intended goal of the change is to enhance supervision of central counterparties ("CCPs") to take into account the increasing size, complexity and cross-border aspect of clearing within Europe. The legislation is also intended to improve the existing system for overseeing third-country clearinghouses and introducing a "two-tier" system distinguishing between non-systemically important CCPs ("Tier 2 CCPs") and systemically

The Financial Stability Oversight Council ("FSOC") proposal to address systemic risk issues with an "activities-based approach" was published in the Federal Register. Comments must be submitted by May 13, 2019. If adopted, rather than impose requirements on a single entity FSOC would identify, evaluate and address potential risks to U.S. financial stability that arise from particular activities and would seek to adopt regulations applicable to those activities. Only where an activities-based approach was not sufficient would FSOC consider the imposition of entity-specific requirements ( see