Gary DeWaal, special counsel in the Financial Services group, was interviewed on United States is beginning to diverge from the rest of the world on financial regulatory matters. Gary noted that regulations adopted since 2008 are likely to be moderated as part of the new presidential administration and subsequent appointments to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He stated, "I think there will be less prescriptive type regulations and more different approaches accepted. I think that's the exact opposite of what's happening in Europe. The implementation of MiFID II on January 3 is going to have a difficult impact on trading in Europe." He added that the financial industry is still trying to understand how broad the Market Abuse Directive is, as well as the impact. In light of Brexit, Gary stated, "It's a great time for opportunity in the United States. The SEC and CFTC seem open to new ideas and new technology." ("Setting the Stage for Regulatory Divergence," John Lothian News, July 17, 2017)
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