It will take five years to turn the new federal financial reform law into rules and regulation, an industry expert from the Securities Industry and Financial Markets Association (SIFMA) said last week.

“The United States has finished the first act of a multi-act play ... responding to the financial crisis,” said Kenneth Bentsen Jr., SIFMA’s executive vice president of public policy and advocacy. “Now we move into this multi-year rule-making process that will go through fits and starts as we go through the normal administrative procedures and processes of doing that.”

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