Regulation is at the top of the agenda for financial institutions around the world, and significant uncertainty remains regarding the shape of the regulatory landscape. While progress on financial reforms was made at the G20 summit in Seoul, diverging national approaches are becoming evident. Achieving the ultimate goal of greater global financial stability will require effective financial regulatory reform balanced with macro-economic stability across jurisdictions.
For banking, the Basel Committee has finalized new principles for capital and liquidity. In the insurance sector, significant change has already started with Solvency II, and the IAIS adoption of a new strategic plan 2011-2015 setting out high level goals and strategies to strengthen overall insurance supervision. The United States has passed the Dodd-Frank Act, which touches on virtually every aspect of its financial sector; proposals have been put forward by global, regional and national policy setting bodies which will change the structure, supervision and governance of financial services.
What does this mean for large global financial institutions? How will the distinction between globally and nationally systemically important financial institutions change the playing field? How will additional requirements on capital affect the cost of doing business, and how will it change the business model? Our firms' leading global regulatory experts can provide insights into the implications of the raft of regulatory change and the direction of developments around the world from the G20, Basel III, Solvency II, EU initiatives and the Dodd-Frank Act.