The European Commission has reported on this month’s meeting of the US-EU financial markets regulatory dialogue (FMRD) and outlined the FRMD’s views on a number of key issues, including the following: (i) OTC derivatives – progress was noted regarding a common approach to requirements for CCPs and discussions regarding equivalence of US trading platforms under the MiFID framework; (ii) AIFMD and the extension of the EU passport to US fund managers – ESMA’s advice in this respect is expected in summer 2016; and (iii) US participants expressed concern about the manner of application of the proposed Benchmark Regulation, specifically the proportionality provisions to third-country administrators. The next FMRD meeting will take place in Brussels in July 2016.