Resumen de Asia Pacific: : Remember the emerging markets.

• The article presents the author's views on a mixed track record of far-reaching regulatory reforms in the financial services industry in Asia Pacific. He comments on 1600-plus page paper on the Markets in Financial Instruments Directive from the Financial Stability Board's (FSB) consultation on total loss-absorbing capacity (TLAC) and the European Securities Markets Authority's (Esma). He opines on the justification of Chinese banks' exclusion from the TLAC requirements.