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Beware of the regulatory minefield

PA’s Richard Grint, a financial services expert, is quoted in an article in Financial World which looks at the difficulties of trying to align national banking laws with EU and international directives. The article also looks at the compliance problems they pose for banks.

The article explains that the UK, France and Germany have all passed new local bank supervision laws before the EU directive was enacted, creating potential discrepancies between those EU jurisdictions with local legislation and those without.

Richard says: “The legislation that both France and Germany have put into place is more closely aligned to each banking sectors views on what compromise would be reasonable.”

The article goes on to say that divergent national approaches can be a nightmare for banks as they are forced to comply  with multiple overlapping sets of regulations, with no clear guidance as to how best to proceed.

Richard says that a large multinational may find it needs multiple ringfences, creating major legal, operational and technological headaches. “Regulatory regimes may determine banks’ choice of location for certain non-retail activities,” he says. 

Richard goes on to say that in practical terms, experts reckon that banks will be obliged to apply the most demanding standard across all jurisdictions.


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