ISLA Americas: Rules of engagement in a new era of regulatory demands
15 October 2025 US
Image: Emiliia/stock.adobe.com
ISLA Americas held the 2nd annual 网爆吃瓜 Finance and Collateral Management Conference in Miami, holding a panel titled 鈥楻ules of Engagement Adapting to the New Regulatory and Tax Agenda鈥�.
Panellists of the session discussed key developments in the current regulatory and tax landscape, including the early Trump agenda, the status of Basel III Endgame, and how the future is shaping up for 10c-1 and 13f-2.
Discussing the early Trump agenda, as well as the implications of new rules and the reversal of Biden-era regulations, industry experts anticipate a close alignment between banking agencies and the White House, stating "personnel is policy鈥�.
Key implicating factors of the early Trump agenda include: DEI and debanking, reversing Biden-era climate and clean energy policies, digital assets and AI, cross-border trade and investment, and reducing regulation.
Moving the session forward, the panel went on to discuss Basel III Endgame. In particular, the panel specified that while the regulation was finalised by BIS in 2017, it was originally scheduled to be finalised in multiple jurisdictions by 2022.
Consequently, it has been over three years since the finalisation date was supposed to be achieved. The panel also noted the pushback received by the Federal Reserve on the original guidelines, and that it forced firms to re-evaluate and take a step back.
To ensure an even playing field globally, the panel insisted that the US needs to hold itself to an equal standard as the rest of the world, and not put itself on a pedestal.
Other points of discussion included the US 网爆吃瓜 and Exchange Commission鈥檚 (SEC鈥檚) upcoming regulatory agenda, in which speakers stated that the majority of the previous administration鈥檚 rules have been abandoned by the new Trump administration 鈥� which is increasingly focused on crypto regulation and primary market reform.
According to the panel, the SEC appears focused on a mix of long-standing regulatory priorities and newer areas of market activity, such as crypto and tokenisation, signalling a broad and active rulemaking landscape.
Important to the current regulatory landscape are the reporting rules 10c-1a and 13f-2, which were recently remanded by the United States Court of Appeals for the Fifth Circuit to the SEC. The Commission will now need to review and address economic concerns relating to the rules.
Regarding the future of the SEC鈥檚 rules, panellists anticipate that the Commission will re-propose notice and comment for 10c-1a and 13f-2, putting forward a new cost-benefit that will give the industry an opportunity, particularly in regards to 10c-1, to comment on the core issues such as the disclosure timeline.
The session also brought to light a concern that the SEC is not quite benefiting from the rules, with panellists noting that the Commission has created quite an expense for the industry without providing clarity on how it will benefit the SEC.
Panellists of the session discussed key developments in the current regulatory and tax landscape, including the early Trump agenda, the status of Basel III Endgame, and how the future is shaping up for 10c-1 and 13f-2.
Discussing the early Trump agenda, as well as the implications of new rules and the reversal of Biden-era regulations, industry experts anticipate a close alignment between banking agencies and the White House, stating "personnel is policy鈥�.
Key implicating factors of the early Trump agenda include: DEI and debanking, reversing Biden-era climate and clean energy policies, digital assets and AI, cross-border trade and investment, and reducing regulation.
Moving the session forward, the panel went on to discuss Basel III Endgame. In particular, the panel specified that while the regulation was finalised by BIS in 2017, it was originally scheduled to be finalised in multiple jurisdictions by 2022.
Consequently, it has been over three years since the finalisation date was supposed to be achieved. The panel also noted the pushback received by the Federal Reserve on the original guidelines, and that it forced firms to re-evaluate and take a step back.
To ensure an even playing field globally, the panel insisted that the US needs to hold itself to an equal standard as the rest of the world, and not put itself on a pedestal.
Other points of discussion included the US 网爆吃瓜 and Exchange Commission鈥檚 (SEC鈥檚) upcoming regulatory agenda, in which speakers stated that the majority of the previous administration鈥檚 rules have been abandoned by the new Trump administration 鈥� which is increasingly focused on crypto regulation and primary market reform.
According to the panel, the SEC appears focused on a mix of long-standing regulatory priorities and newer areas of market activity, such as crypto and tokenisation, signalling a broad and active rulemaking landscape.
Important to the current regulatory landscape are the reporting rules 10c-1a and 13f-2, which were recently remanded by the United States Court of Appeals for the Fifth Circuit to the SEC. The Commission will now need to review and address economic concerns relating to the rules.
Regarding the future of the SEC鈥檚 rules, panellists anticipate that the Commission will re-propose notice and comment for 10c-1a and 13f-2, putting forward a new cost-benefit that will give the industry an opportunity, particularly in regards to 10c-1, to comment on the core issues such as the disclosure timeline.
The session also brought to light a concern that the SEC is not quite benefiting from the rules, with panellists noting that the Commission has created quite an expense for the industry without providing clarity on how it will benefit the SEC.
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