The SEC approved the MSRB proposal to amend Rule G-3 to establish additional qualification requirements for municipal advisor principals. The rule changes will become effective on December 20, 2018. As previously covered, the proposed amendments would (i) establish the Municipal Advisor Principal Qualification Examination (the "Series 54 examination") and (ii) require those persons who meet the definition of a municipal advisor principal to pass the Series 54 examination prior to becoming municipal advisor principals. In addition to passing the Series 54 examination, such persons still would

The Federal Reserve Board ("FRB") rule proposal tailoring the application of prudential standards to U.S. bank holding companies and applying enhanced standards to certain large savings and loan holding companies was published in the Federal Register. Comments on the rule proposal must be received by January 22, 2019. As previously covered, the rule proposal would establish categories of prudential standards in order to align requirements with a firm's risk profile. The FRB-only proposal would tailor prudential standards regarding capital stress testing, risk management, liquidity risk

FDIC Chair Jelena McWilliams stated that the FDIC plans to streamline resolution requirements for U.S. global systemically important banking organizations and regional banks.

In its fourth annual report, the Financial Stability Board ("FSB") highlighted progress made under G20 financial reforms. The G20 reforms were intended to address the root causes of the global financial crisis and build a more resilient financial system. The report highlighted the implementation status on various G20 goals, including bank resiliency and ending "too big to fail," as well as derivatives reform. FSB assessed the overall effects of the reforms on financial market infrastructure and incentives to clear derivatives. FSB also emphasized its future efforts to establish financial

In a draft policy note titled The Benchmarks (Amendment) (EU Exit) Regulations 2018: Explanatory Information, the UK Government detailed its approach to "onshoring financial services legislation." The proposed approach would retain and amend EU law so that the EU Benchmark Regulation ("BMR") continues to operate in the UK after the exit date. The proposed approach would: create a UK register for benchmarks, with the UK supervised entities being permitted to use the benchmarks on that register; establish a temporary 24-month transition period for EU-approved benchmarks; beyond that period