It’s been said that “if a window of opportunity appears, don’t pull down the shade” but, as the offshore industry gazes out over yet another new statutory landscape, do we reach for the blinds or enjoy a new ray of sunshine?
On 21 July, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) with the intention of enhancing the safety and soundness of U.S. financial markets. Most of the Act will come into force on 21 July 2011 and is designed to strengthen financial market infrastructure by: restricting the ability of US banks to operate proprietary trading desks; requiring central clearing and transparency for most “over-the-counter” derivative transactions; mandating the registration of advisers to hedge funds and other private investment funds; and regulating credit rating industries.
