Debevoise & Plimpton LLP has published its final guide to the potential impact of the recent U.S. election on the financial services industry, including possible regulatory implications. The key takeaways from the guide, which was authored by 18 lawyers from the firm’s Antitrust, Banking, Data Strategy and Security, M&A and White Collar Groups, are:

• Trump will almost certainly have a significant impact on financial services regulation.
• In particular, Trump will be able to replace many key personnel. In the regulatory sphere it is often the case that personnel is policy.
• Trump could issue Executive Orders on day one and is planning to revoke several prior Biden Executive Orders.
• The Trump administration will be shaped by less agency deference by the judiciary in light of Loper Bright, including new uncertainty if prior rulemakings are invalidated by the courts.