We began our journey with a broad overview of the many regulatory proposals and measures that the banking industry is currently facing. The purpose of this overview was not to provide a comprehensive analysis of all the measures that exist, given that many are still evolving or continue to be modified; but instead, to highlight the various themes arising out of the interplay between rules. The objective behind these legislations is a laudable one; for example, to make banking safer, to remove systemic risk, to reduce leverage in the system and to ensure that depositor capital is not put at risk. However, given the scale and complexity of rule making much remains a challenge when we look at the practical side of implementation. On the one hand rules are prescriptive, which suggests a clear path for compliance, whilst on the other hand interpretations tend to vary and not all countries align on either detail or timing of implementation. The potential for inconsistencies and at times conflicting legislation does therefore exist. As a consequence, important parts of banking and the ecosystems that are supported by these services could end up being challenged in an unexpected way.
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