16. Regulatory Capital Requirements

TWL, DW and TWD are subject to the Uniform Net Capital Rule 15c3‑1 under the Securities Exchange Act of 1934. TEL is subject to certain financial resource requirements with the FCA in the UK, TWJ is subject to certain financial resource requirements with the FCA in Japan and TWEU is subject to certain finance resource requirements with the AFM in the Netherlands.

At March 31, 2020 and December 31, 2019, the regulatory capital requirements and regulatory capital for TWL, DW, TWD, TEL, TWJ and TWEU are as follows (in thousands):


As of March 31, 2020	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	40,228	$	55,785	$	23,297	$	65,029	$	12,292	$	6,279
Regulatory Capital Requirement		1,549		1,319		428		20,448		8,087		1,675
Excess Regulatory Capital	$	38,679	$	54,466	$	22,869	$	44,581	$	4,205	$	4,604


As of December 31, 2019	TWL		DW		TWD		TEL		TWJ		TWEU
Regulatory Capital	$	42,317	$	52,016	$	33,807	$	49,611	$	11,851	$	6,217
Regulatory Capital Requirement		2,396		2,026		664		21,856		8,565		1,701
Excess Regulatory Capital	$	39,921	$	49,990	$	33,143	$	27,755	$	3,286	$	4,516

As SEFs, TW SEF and DW SEF are required to maintain adequate financial resources and liquid financial assets in accordance with CFTC regulations. The required and maintained financial resources and liquid financial assets at March 31, 2020 and December 31, 2019 are as follows (in thousands):


	As of March 31, 2020				As of December 31, 2019
	TW SEF		DW SEF		TW SEF		DW SEF
Financial Resources	$	30,300	$	13,313	$	21,303	$	13,707
Required Financial Resources		10,500		5,807		10,500		5,505
Excess Financial Resources	$	19,800	$	7,506	$	10,803	$	8,202

Liquid Financial Assets	$	13,399	$	7,339	$	18,168	$	7,583
Required Liquid Financial Assets		5,250		2,904		5,250		2,753
Excess Liquid Financial Assets	$	8,149	$	4,435	$	12,918	$	4,830