The last 18 months or so have seen initial coin offerings (ICOs) play a hugely disruptive role in the world of start-up financing. Companies the world over have managed to raise hundreds of millions of dollars—if not billions—to fund their blockchain-based development plans
In the decade following the global financial crisis, banks have faced a flood of new laws and regulations. The pace of change has been furious. Banks have been forced to hire more and more bodies to manage large, enterprise-wide efforts in an attempt to simply stay ahead of regulatory enforcement actions and the ensuing fines and penalties.
The intensifying interconnectedness of countries around the world has its benefits but also leaves nations vulnerable to the potentially detrimental effects of not only financial meltdowns but also regulations imposed by foreign entities. The EU’s soon-to-come MiFID II is already causing consternation in the United States, especially as the new regulations relate to US investment firms.
In mid-April, a draft of the legislation to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act—a law that has been branded by US President Donald Trump as a “disaster” that has made it difficult for businesses to get loans—was released.
The Sarbanes-Oxley Act was introduced in 2002 in the US to provide assurance about the accuracy and completeness of financial statements in the wake of a variety of accounting scandals involving Enron and Arthur Andersen, among others.