Financial Regulatory Forum

SOPA, FATCA and the Volcker Rule: the border busters

By John Mackie (Canada)

(Business Law Currents) – The global nature of business has perhaps never been more evident than in the wake of the U.S. housing crisis, the natural disasters in Japan and the ongoing European sovereign debt ruckus. Industries and national economies do not exist in a vacuum, nor do the regulatory changes which nations seek to implement in order to address widespread concerns.

The most recent example of the “extraterritorial” impact of a nation’s laws is a rule being promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Released last October, the Volcker rule is a proposal to prohibit proprietary trading and hedge or private equity fund investments by banking entities. (more…)

Canada to oppose global bank tax – newspaper

TORONTO, Feb 19 (Reuters) – Canada will formally oppose international efforts by the world’s major economies to impose a global bank tax as the current government favors lower taxes, Canada’s National Post newspaper reported on Friday.

The report, citing unnamed government sources, said Canada’s move could potentially cause a major split among Group of 20 leaders at a summit in Toronto in June and thwart efforts to impose uniform financial regulations after the recession.

A spokesman for Canada’s finance ministry declined to confirm details of the report.

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