Standards

New York addresses financial services regulation

New York state may be set to undergo a major overhaul of its financial services regulation, with governor Eliot Spitzer convening a panel to identify ways to maintain the jurisdiction’s competitiveness.

The panel will include representatives from industry, consumer groups and government, and will review all current financial services regulation and propose legislative and other necessary changes.

The panel will be chaired by Eric Dinallo, state insurance superintendent, who said: “Current laws and regulations in New York do not work for the industry or the consumer … We must develop new laws and regulations that promote competition and the growth of business, while effectively protecting both consumers and honest businesses from unfair or unethical practices”.

June 2007