I do not see this impacting customers in any meaningful way. At least, not in any way that we would hope for.
The role(s) of various, regulatory groups in this space needs to be completely broken down, simplified and rewritten, in my opinion.
They can start by limiting jurisdictional oversight and enforcement to US entities-only, and to not overstep by trying to regulate businesses that operate on foreign soil; let the rest of the world handle their own business and enforce their own rules/laws without your intervention.
Make it clear that US investors that rightfully and lawfully choose to opt-out of the so-called US protections by electing to invest in overseas programs, businesses and investments et. al, do so without any of the so-called protections and/or risk of US regulatory involvement, so that non-US companies can service said customers without fear of being subjected to overly-burdensome compliance requirements and enforcement procedures etc…
This whole idea of ‘oh, you service our citizens, so now we own your ace’ is total nonsense and should be eradicated.
When you think about it, it is little different from a US citizen taking a vacation to Paris and eating at a cafe, and since that cafe is now servicing a US citizen, then they are legally required to collect and verify the identity of all US residents that eat there, in perpetuity, while being subjected to various reporting and compliance requirements for food and safety, set forth by the US Health Department, OSHA etc…
If the cafe refuses, then they get slapped with massive fines and lawsuits etc., which may ultimately force them to shutter their business. If the cafe is bullied into a corner, then they will two options:
- Agree to serve their new master, reduce their profit margins and pray each night that they do not mess something up or overlook something.
- Check the identity of every customer to ensure that they are not a US citizen, and then refusing to service any US citizen that tries to buy a croissant (while also reducing their profit margins and praying each night that they do not mess something up or overlook something).
It really is complete and utter nonsense. The world needs to wake up and put their foot down on this kind of thing.