|
The impact of regulatory reform is disabling, rather than enabling, the flow of credit in the global financial system. This is one of Allen Overy’s conclusions in their report, “The Future of Credit”. In it, the international law firm highlights the confusion regulatory burden is creating. New regulation can have unintended consequences, which Allen Overy lawyers call “staggering”.
This is far from being an exaggeration. The Dodd–Frank Wall Street Reform and Consumer Protection Act in the US alone run 30,000 pages, quite an impressive number, and one which would be doubled in Europe’s rulebook. Consequently, Europe’s top 350 banks will need to hire more than 70,000 new compliance experts, according to Allen Overy. Henri Wagner is the managing partner...
|