On the one-year anniversary of Dodd-Frank, much may have been achieved, but almost as many rule-making deadlines have been missed. More importantly, there are growing industry concerns that lack of agreement about how to apply the extraterritorial reach of US regulation is a problem that just will not go away.

The liquidity coverage and net stable funding ratios are intended to ensure that Basel III fills the gaps left by the previous Basel accord. But defining suitable liquid assets is proving difficult.

New European regulation on credit rating agencies will soon come into force. And while everyone is in agreement on the need for improvement, opinion is divided on the best way to achieve this. So will ESMA make a difference?

The US's Foreign Account Tax Compliance Act puts onerous burdens on foreign institutions to capture data about US clients and any clients with ownership of US assets, and to report related tax information to the country's tax authorities. For banks, it is a huge task but they had better do it well, as this is likely to be the first of many such schemes. 

Since the Greek sovereign debt crisis unfolded, many European politicians have accused speculators of using credit default swaps to bet on sovereign default and thereby intensify a debt event. Research – some by the European Commission itself – has shown that this causal relationship does not exist. Yet there is significant support for action.

Regulators hope new requirements for retaining economic risk in securitisation transactions will better align the interests of originators and investors. Bankers fear that it will hike costs and capture other transactions.

A proposed reform of MiFID could have a major impact on the OTC derivatives market, and it has been suggested that the authorities are paying only lip-service to consultation.

A consultation in the UK will look at whether the country should adopt the compulsory merger-control system common in other jurisdictions. Few in the UK think there is a need, as the present system works well.

Fears mount over a proposal to force investors to share the burden of a future financial crisis. Writer Geraldine Lambe

Broker-dealers and advisory-only firms disagree over potential G-23 amendments. Writer Geraldine Lambe