Online from: 2000
Subject Area: Accounting and Finance
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|Title:||Regulatory change for financial institutions: crossing the ocean in an open boat|
|Author(s):||Dermot Turing, (Partner at Clifford Chance LLP, London), Marc Benzler, (Partner at Clifford Chance LLP, Frankfurt, Germany), Frédérick Lacroix, (Partner at Clifford Chance LLP, Paris, France)|
|Citation:||Dermot Turing, Marc Benzler, Frédérick Lacroix, (2011) "Regulatory change for financial institutions: crossing the ocean in an open boat", Journal of Investment Compliance, Vol. 12 Iss: 1, pp.50 - 52|
|Keywords:||Financial institutions, Lawyers, Legislation|
|Article type:||Technical paper|
|DOI:||10.1108/15285811111122065 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
|Acknowledgements:||© 2011 Clifford Chance LLP. All rights reserved|
Purpose – This paper aims to draw some overall conclusions and suggest a general approach financial institutions might take in response to all the different countries' recent financial reform legislation.
Design/methodology/approach – The paper lays out some of the important themes running through the post-crisis set of reforms, discusses the practical impact, and recommends a checklist for financial institutions to follow in responding to the reforms.
Findings – Financial institutions have been cast into the role of villains and have lost some of their influence, but they still play a vital role. Making a decent profit in the new world will be hard, but there is much secondary legislation to come, and the different ways in which it will be implemented in various countries may present opportunities.
Originality/value – The paper provides expert guidance from experienced financial services lawyers.
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