US Financial Reforms & Global Financial Institutions: A View From All Angles

  • December 1, 2011

Late in 2011, [Jordan Thomas][prior firm][‘s] convened an esteemed panel to explore, for the benefit of the UK media, the effect of US financial reforms on international financial institutions. Panelists included [firm] attorneys Jordan Thomas and Dominic Auld; Irving Henry of the British Bankers Association; and Simon Collins, from the Association of Professional Compliance Consultants. Following discussion of the regulatory environment in the US and, specifically, the mechanics of the SEC Whistleblower Program, panelists addressed such hot issues as the different enforcement approach in the US and abroad. Interestingly, there was widespread agreement that whether a jurisdiction favors a prudential approach like the UK or a more aggressive enforcement approach like the US, neither has effectively rooted out and deterred significant frauds in the financial services community because without actionable intelligence law enforcement organizations and regulatory authorities will always be at a disadvantage. As the UK and other nations watch the progress of Dodd-Frank reforms in practice, and launch corporate governance and financial overhauls in their local jurisdictions, panelists concurred that successful reforms will play a significant role in restoring and fostering stronger corporate cultures and will, ultimately, put public and investor trust back into the financial services industry.

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