SEC Regulation Outside the United States
United States lawmakers and regulators continue to enact new rules and regulations that affect the financial services industry globally. The U.S.’s landmark Dodd-Frank Wall Street Reform Act might have been signed into law almost two years ago, but the ramifications of the ongoing rule-making and implementation process continue to influence how financial services firms conduct business. And there is more to come.
The Volcker Rule is perhaps the element of Dodd-Frank that is the most controversial for both U.S. and foreign banks. It aims to ban so-called proprietary trading at U.S. banks and that will include foreign banks with U.S. prop trading operations. The ultimate influence this part of Dodd-Frank will have on foreign banks is unclear. For example, as currently drafted, the Volcker Rule could curtail non-U.S. banks’ ability to trade with subsidiaries of American companies even if the transactions occur outside the U.S.
Dodd-Frank is far from the only concern for non-U.S. firms. The Foreign Account Tax Compliance Act (FATCA) is set to come into force in 2014, however if firms are not prepared for it already, they had better get started. The U.S. has aggressively gone after Swiss banks that helped wealthy Americans evade tax. Soon the U.S. Department of Justice will turn its attention to banks in other jurisdictions suspected of peddling tax evasion services. India, Singapore and Hong Kong are amongst the countries on their list.
Dodd-Frank and FATCA may be grabbing all the headlines, but there are many more new regulations coming that will directly impact the way your firm conducts business.
SEC Regulation Outside the United States is designed to educate non-U.S. financial services practitioners about what regulatory developments from the SEC and other U.S. bodies mean for them. A distinguished faculty of current and former SEC officials as well as many other regulatory experts will guide you through the nuances of current and pending US regulation.
Attend SEC Regulation Outside the United States and hear directly from key representatives at the SEC how they legislate and enforce US securities laws, and how these affect companies outside the US.
Confirmed speakers from the US Securities & Exchange Commission:
Mauri Osheroff, Associate Director, Division for Corporation Finance, US Securities and Exchange Commission
Robert Plaze, Deputy Director, Division of Investment Management, US Securities and Exchange Commission
Scott Friestad, Deputy Director, Division of Enforcement, US Securities & Exchange Commission
Matt Daigler, Senior Special Counsel, Division of Trading & Markets, US Securities and Exchange Commission
Andrew Bowden, Associate Director, Office of Compliance Inspections, US Securities and Exchange Commission
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