However, such standards have implications for countries – in terms of cost of migration to newer standards, impact on domestic card networks (cost of certification, access to new standards / technology etc.). Should the regulators be involved in standard setting so that there is a level playing field for both international and domestic entities? 14.
Like the so-called “Volcker Rule” in the United States, there are also moves to directly regulate banks’ high risk businesses such as proprietary trading and investment in hedge funds.