Bank of America’s Fernando Vicario, chair of the Federation of International Banks in Ireland (FIBI), Recent appointments in the incoming US Administration give weight to the view that the likely direction of travel in terms of regulatory considerations on US based companies, will be downward. This seems to be a common theme in other areas, too. European regulators need to be alert to these trends and the consequent risk of firms engaging in regulatory arbitrage as a consequence of increased divergence between trading areas.