International regulatory bodies, working alongside their regional and national counterparts, have spent over 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 seventh 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 September 2012.
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Our Global Financial Services Regulatory Group:
As part of Reed Smith's Financial Industry Group's 210 plus 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 non-bank 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.
Client Alert 2012-228