What's happening?
The US Dodd-Frank Act of 2010 instructed regulators to bring the supervision of foreign banking organisations (FBOs) in the US more into line with that of domestic banking institutions. In December 2012, the resulting proposed rulemaking was published, with a consultation period extending to March 2013. The new rules would come into force in July 2015, with a one-year transition period for any banks that fall under the rules for the first time thereafter.
