Regulators arguing over jurisdiction suggests something isn’t right

We’ve noticed multiple arguments lately about extraterritoriality in financial regulations – yesterday’s press had a handful of notable stories with the same theme. When regulators are arguing with other regulators about the breadth of their activities, you know something is amiss. We think that part of this is due to the globalization of financial markets and another part to regulators wanting to capture the entirety of the businesses they oversee. Whatever the root cause, here are some of the debates we are seeing: