How the compliance challenge is hurting innovation

Heads of compliance and regulatory affairs at financial institutions have spoken of the difficulties they face to remain competitive as they deal with over-arching reforms from Europe and the US. They point to the Foreign Account Tax Compliance Act (Fatca) which takes effect next year as among their chief concerns, amid a raft of rules coming on top of stringent capital requirements such as those imposed under Basel III. They were speaking at the third Pan-Asian Regulatory Summi…