Basel III, Dodd Frank, EMIR, UCITS, AIFM, FATCA, the withholding tax, are all regulations entered into force recently  or are about to be. The banks are facing an unprecedented wave of prudential regulations and taxation areas, which appears increasingly difficult to manage. On the one hand, the implementation of these rules is generating significant operating costs. On the other hand, the regulatory shackles threatening to jeopardize the competitiveness of banks.