1988: Basel I - banking supervisions regulation recommendations: set of minimum capital requirements for banks

1988

2001: Enron auditing scandal: new regulations enacted to ensure accuracy of financial reporting for public companies leading to Sarbanes-Oxley Act

2001

2008: Financial banking crisis

2008

2011: In the insurance industry, 22,000 new statutes, regulations, & bulletins created or revised

2011: Reacting to the global financialcrisis, the U.K. Financial Services Authority penalized firms & individuals in breach of regulations to the amount of more than £66 million

2011: Reserve Bank of India tightens reporting requirements to ensure more detailed reporting information and transparent processes in the aftermath of the financial crisis

2011

The Perfect Regulatory StormThe Rise of an Evidence-Based Approach to Risk Management

1977: Foreign Corrupt Practices Act (FCPA): U.S. regulation designed to prevent American companies operating overseas from bribing foreign officials in return for business favors

1977

2010

2010: Dodd-Frank Act: comprehensive set of U.S. financial regulatory reform measures, including the Consumer Financial Protection Bureau; more than 200 implementing rules over the next several years

2010: 40,000 new regulations issued

2010: Dodd-Frank Wall Street Reform & ConsumerProtection Act

2010/2011: Basel III - in wake of the 2008 banking crisis, strengthens bank capital req. and introduces new requirements on liquidity

2011: Financial Industry Regulatory Authority (FINRA) brought 1,411 disciplinary actions and levied fines totaling more than $63 million

2011: FINRA ordered more than $19 million in restitution to harmed investors and expelled 17 firms from the securities industry, barred 317 individuals and suspended 432 from association with FINRA-regulated firms

2011: More than 31,000 pieces of newly-proposed state and federal legislation relevant to the U.S. banking and mortgage industries were introduced in 2011

2011: 22,000 new or revised statutes, regulations and bulletins affecting U.S. insurers

2011: More than 100 U.S. banks and credit unions closing their doors

2011: 150 open FCPA investigations

2011

2004: Basel II - seeks to create an international standard for regulations of risk and capital management requirements

2004

© 2012

2012

2012: COREP & FINREP: European Banking Authority’s Common Reporting and Financial Reporting guidelines for financial organizations

2013

2013: Basel III - global regulatory standard on bank capital adequacy, stress testing and market liquidity risk

2014

2014: Solvency II: directive that establishes a broad-ranging set of capital requirements and risk management standards for European insurers