Industry groups want to delay implementation until the US regulations can be aligned with foreign regs. They voice a risk of the rules driving business away from US financial firms.

All the new global regulations coming into play over the next year or so are going to have a big impact on the financial industry. I have heard from people in the industry that are already pulling their hair out at the work needed to implement these regs.

The general consensus is that the new rules are overkill and will make things twice as complicated in the world of compliance which is already underwater with regulations.

It’s something I’ll be keeping an eye on over the coming months and picking the brains of those involved at ground level.