However, given the time-frames required to consult on and pass the relevant legislation, it could be some months before a definite move towards mandatory reporting obligations could be made. ASIC would then have to develop the associated derivative transaction rules, which would be subject to a regulatory impact study and further industry consultation.
In addition, the so-called Collins Amendment in Dodd-Frank removed the exemption from BHC capital requirements granted by the Federal Reserve’s Supervision and Regulation Letter 01-01.24 The required phase-out of SR 01-01 was clearly intended to strengthen the capital regime applied to the U.S. operations of foreign banks; however, the organizational flexibility that the amendment gave to foreign banks in the United States has allowed some large foreign banks to restructure their U.S. operations to minimize the impact of this regulatory change.