Currently, the Federal Reserve relies on a patchwork of authorities, largely derived from  5  Under the memorandum of understanding, the SEC and the Fed will freely share information and analyses pertaining to the financial conditions of primary dealers.
As the financial conduct regulator, we are committed to holding financial firms to account in relation to their conduct. As is made clear in the report that we published earlier this week, a combination of an improved culture within firms and effective regulation is necessary for trust in the system to be restored (Central Bank if Ireland 2018).