Regulators, officials and market participants worldwide have been continuously discussing new rules governing the financial sector. Some rules, such as Basel III, are global, but many others cover only the jurisdiction in which they were conceived, leading to questions about the playing field. "It is very nuanced," said Barney Reynolds of Shearman & Sterling. "You can't make a sweeping statement as to whether the rules are generally more onerous in one jurisdiction or another, given that the impact of rules of this level of detail varies enormously depending on the specifics of the businesses under consideration."

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