On November 17, 2017, the Treasury Department issued a report recommending a number of changes to the Financial Stability Oversight Council’s (FSOC) evaluation and designation processes for nonbank financial companies and financial market utilities, pursuant to President Trump’s April 2017 Memorandum directing the Secretary of the Treasury to evaluate and provide recommendations regarding FSOC’s designation processes. The Report recommends, among other things, prioritizing an activities-based approach to address financial stability risks, increasing the analytic rigor of FSOC’s designation analyses, enhancing engagement with other regulators and increasing transparency, and providing a clear off-ramp for designated companies. In a related development, the Financial Stability Board (FSB) announced on November 21, 2017 that the FSB, in consultation with the International Association of Insurance Supervisors (IAIS) and national authorities, has decided not to publish a new list of global systemically important insurers, or G-SIIs, for 2017.