What legislation governs the regulation of financial services?

In Delaware, a variety of legislation governs the regulation of financial services. The primary laws governing the regulation of financial services in Delaware are contained in the Delaware Code Title 5, Subtitle 1 and its corresponding regulations, commonly referred to as the Delaware Financial Services Code (DFSC). The DFSC sets forth the licensing requirements, disclosure standards, and restrictions for businesses operating in the financial services industry in Delaware. Additionally, federal and state laws also play a role in regulating financial services in Delaware. These laws include the Bank Secrecy Act, the Patriot Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The primary law governing financial institutions operating in Delaware is the Banking Laws and Regulations Act. This law sets forth the licensing and operating standards for banks and related organizations conducting business in the state. The Department of Banking and Finance is the primary state agency responsible for administering and enforcing the banking laws and regulations in Delaware. The Delaware Department of Financial Services is responsible for the oversight of insurance companies operating in the state. Insurance companies must comply with the requirements of the Delaware Insurance Code and its corresponding regulations in order to conduct business in Delaware. The Delaware Department of Revenue is responsible for the oversight of sales taxation and excise taxation in the state. Financial services providers must comply with these regulations in order to remain in good standing with the state. In addition to the laws and regulations outlined above, financial services providers may also be subject to other federal and state laws. These laws include the Fair Credit Reporting Act, Sarbanes-Oxley, and the USA PATRIOT Act. It is important for financial services providers to familiarize themselves with the applicable laws and regulations in order to remain compliant.

Related FAQs

What is the function of a company secretary?
What is the legal framework for contracts of sale?
What is the law of agency?
How is intellectual property enforced?
What regulations govern the establishment of subsidiaries?
What are the different types of insolvency?
What is the process for setting up a joint venture?
What is the procedure for dispute resolution through arbitration?
What legislation governs the sale of goods?
How does the law protect minority shareholders?

What legislation governs the regulation of financial services?

Related FAQs

Related Blog Posts