International regulatory bodies, working alongside their
regional and national counterparts, have spent more than four years
attempting to mend the global financial system by strengthening its
stability and resilience. In 2012, the stream of regulations does
not appear to be slowing, as governments and regulators continue to
address the issues arising from the financial crisis.
This banking industry regulatory update, the sixth in the series,
sets out the key banking industry reforms, and proposals for
reform, in the international, European and UK spheres. This paper
sets out the position as at February 2012.
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Jacqui Hatfield. For additional information please contact the
author.
Our Global Financial Services Regulatory Group:
As part of Reed Smith's Financial Industry Group's 200
lawyers, our Financial Services Regulatory Group (FSRG) offers
sophisticated bank regulatory and retail finance compliance advice.
We assist clients in interpreting and implementing new federal and
state laws and regulations impacting consumer retail lending and
deposit functions, including credit and debit cards, stored value
products and electronic banking, mortgage loans, automobile
finance, and other financial products. We handle bank mergers and
bank and nonbank acquisitions and dispositions, regulatory
investigations, and privacy and bank secrecy issues.
Our UK Practice:
In the UK, the FSRG has a wide breadth of experience across the FSA
regulated industry. We advise a broad range of clients, ranging
from banks, insurance companies, fund managers, asset managers,
corporate finance boutiques, brokers, traders, exchanges and fund
platforms. We provide advice to both the buy side and sell side,
and cover both retail and wholesale business. Typical work involves
advising clients regulated by the FSA on matters ranging from
authorisation with the FSA (such as advising whether authorisation
is required or can be avoided, and if required, assisting with FSA
applications), to the regulation of derivatives, commodities and
energy trading, to market abuse and insider trading rules.
FIG client alert 12-059
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.