Australia's smallest deposit-taking institution Goldfields Money appears to be crawling towards its transformational merger with unlisted mortgage broking aggregator, Finsure.Investors yesterday wiped the takeover premium in the Goldfields share price after the company revealed that regulators had still not approved the planned union that would see Finsure securing majority control of the merged entity.Goldfields Money's scrip closed down almost 4 per cent to A$1.50, the price at which Finsure is proposing to execute the merger transaction.The company's scrip resumed trading on the ASX yesterday after the placement of 3.3 million shares to institutional and professional investors on Tuesday.The new issue was priced at $1.40 per share and raised $4.7 million, which the company said would be used to meet its prudential capital requirements and to fund new lending.The company flagged a further capital raising this year "to ensure the merged group maintains sufficient regulatory capital".This disclosure indicates that delays in the merger process are at least partly related to prudential matters likely to have been raised by the Australian Prudential Regulation Authority.Goldfields Money directors have also revised the timetable for completing the merger, saying that shareholders were now expected to vote on the proposal at a special meeting in June.When the merger partners first announced details of their binding agreement in January, they said the transaction was expected to be complete by the end of March.While Goldfields and Finsure argue that the merged entity will be value-accretive for the listed company's shareholders, there is uncertainty around Finsure's revenue sources given moves by policy makers to review the structure of mortgage broking commissions.Aggregators such as Finsure usually claim a slice of upfront and trail commissions paid by lenders.However, proposals to ban trail and volume-based commissions in the broking market might have a long-term impact Finsure's revenue streams.A net reduction in commissions paid to aggregators could undermine the long-term value that Finsure might be able to deliver Goldfields Money's existing shareholders.