A New Way Of Thinking About Financial Services Regulation
Law360, New York ( January 14, 2016, 10:52 AM EST) -- Financial services regulation in the United States is the product of history, not logic. It consists of a number of regulatory silos created episodically under different bodies of law administered by different regulators. With some friction at the regulatory boundaries, banks are regulated by three federal regulators (down from four as a result of Dodd-Frank) and the 50 states. Broker-dealers, investment advisers and investment companies are regulated by the U.S. Securities and Exchange Commission. Commodities, futures and derivatives are regulated by the U.S. Commodity Futures Trading Commission. Pension plans are regulated by the U.S. Department of the Labor and the IRS. And insurance companies are regulated by the 50 states....
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