The aftermath of the global financial crisis unleashed probably the biggest overhaul of financial regulations in history. But despite herculean efforts to make the financial system more resilient, commentators do still see some worrying deficiencies
Regulatory Relations
Richard Clarida sworn in as vice-chairman of the Fed
Economist and fund manager Richard Clarida becomes vice-chairman at the US Federal Reserve
Fed consults on regulations H and K of the mortgage licensing act
Federal Reserve proposes repealing provisions in Safe Act as responsibility for it passes to another federal agency
EU and Switzerland still struggling to clinch new treaty
The EU and Switzerland are still struggling to agree a new treaty to tidy up 120 sectoral agreements potentially threatening the Swiss stock exchange’s unfettered access to EU-based clients
Brexit featured prominently in US-UK regulatory group discussions
At its first meeting, the US-UK Financial Regulatory Working Group discussed the impact of Brexit on financial stability, the outlook for financial regulatory reforms and on how the two jurisdictions could work together going forward
Dawn Stump sworn in as CFTC commissioner
CFTC swears in new commissioner with background in consulting and policy
Luxembourg CSSF appoints two directors
CSSF appoints two directors to oversee fund sector and banking supervision
ESMA finds progress on MiFID compliance among NCAs
ESMA finds 16 NCAs have made progress on their MiFID implementation though outstanding issues remain with some supervisors
Japan’s FSA undertakes reorganisation to improve efficiency
Japan’s FSA has reorganised some of its bureaus so it can adapt to changing markets and technological developments and monitor them more efficiently
Regulators struggling with disruption should look to James Bond for inspiration
Most financial firms expect their industry to be disrupted and to change considerably in the coming years, which will pose challenges for supervisors. In a bid to keep pace, they could draw inspiration from the way the fictitious spy James Bond operates. By Scott Paton, financial services expert at PA Consulting.
