...JPM's operating environment is dominated by the U.S. in North America, which is a `AAA' rated sovereign, with a stable economy, a developed and transparent regulatory framework, and robust, deep and liquid financial markets. The second largest proportion of revenue and net income is derived from Europe, Middle East and Africa (EMEA), with the U.K. and Europe the biggest drivers of EMEA activity. A breakdown of revenue and assets based on geography can be seen to the left. Given the company's size and business diversity, it is subject to numerous laws, regulations and regulators in the various countries in which it operates. The company's primary U.S. regulators are the Federal Reserve, which regulates the bank holding company and other nonbank subsidiaries, and the Office of the Comptroller of the Currency, which regulates national banks, including JP Morgan Chase Bank, N.A. and Chase Bank USA, N.A. Fitch generally views the regulatory environment for JPM and its peers to be strong in nature....
