New York Times Blogs – The biggest regulatory changes since the 1930s are bearing down on the U.S. securities and investment industry, and many firms are ill-prepared, according to a new study by research firm TowerGroup.

From derivatives and hedge funds to capital standards and short selling, the range of issues “encompasses almost every line of business and every functional area,” TowerGroup senior research director Dushyant Shahrawat told Reuters.

Business models will adapt or perish in the new order, which regulators aim to make more transparent, accountable and globally consistent, according to the report released on Thursday.

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