One year into the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, regulators need to work to ensure the future competitiveness of the U.S. market as the watershed legislation takes shape, industry officials said Wednesday.

Since the Dodd-Frank act was first put in place last year, 38 new rules have been finalized as of July 1, while 215 rules have not yet been proposed, T. Timothy Ryan Jr., president and chief executive of the Securities Industry and Financial Markets Association said in his opening remarks at the industry organization’s regulatory reform summit in New York.

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