On January 12, 2015, the participants of the US-EU Financial Market Regulatory Dialogue met to discuss key regulatory topics including the implementation of Basel III capital, leverage, derivatives reforms, benchmarks and developments on cross-border resolution. Amongst other issues, the Financial Stability Board’s proposals for an international minimum standard on total loss absorbing capacity were welcomed and EU participants raised concerns about the Volcker Rule’s effect on foreign funds. The participants included representatives of the European Commission, ESMA, SEC, US Treasury, Board of Governors of the Federal Reserve System (“Federal Reserve Board”), Federal Deposit Insurance Corporation (“FDIC”) and Commodity Futures Trading Commission. The next meeting will take place in Brussels, Belgium in July 2015.

The joint US-EU Financial Market Regulatory Dialogue statement is available at: http://ec.europa.eu/finance/general- policy/global/index_en.htm#dialogues.