This report explores the key challenges and critical areas of focus for foreign financial institutions arising from the Dodd-Frank Act.
Since becoming law in July 2010, the Dodd-Frank Act has come to dominate the financial sector landscape in the US. Over 2,000 pages long, the legislation is focussed on creating a system of oversight that reduces risk to the financial system, enhances consumer protection and increases transparency of the over-the-counter (OTC) derivatives market.
New challenges for non-US financial institutions. As expected, US financial institutions – particularly banks, but also securities firms, investment advisers, fund managers, and insurers – face new challenges in the form of increased reporting, enhanced prudential requirements, extended fiduciary commitments and more intensive supervision.