Arguments over which way the regulatory playing field is slanting have been playing out ever since financial watchdogs first suited up and mobilised following the financial crisis. Financial News assesses the rules of the game in each jurisdiction and asks: which team is best placed to win?

The Federal Reserve Board in December issued proposals for new rules to strengthen its oversight of the US operations of foreign banks, designed to implement provisions in the Dodd-Frank Act that targeted the risks associated with "the increased complexity, interconnectedness and concentration of the US operations of foreign banking organisations".