Clearly, in putting these international standards in place, individual countries need to align them with their own financial structures and circumstances. In some jurisdictions – the United States, the European Union and the United Kingdom – reform has also been proceeding somewhat independently of the global process.
A prominent example in the United States is the Dodd-Frank Act which was passed into law in 2010 and is still in the process of being implemented through extensive rule making. Different approaches to achieving broadly similar objectives are being followed in the European Union, the United Kingdom and Japan.