On the Regs: Q3 Update

We recap the regulatory developments in Q3 and highlight what to expect next quarter.

What Happened?

There was no summer slowdown in the world of financial regulation. In Europe, the UK published its withdrawal bill on 13July, moving Brexit negotiations full steam ahead. ESMA published nine principles setting the ground rules for the expected post-Brexit gold rush. Across the Atlantic, the DoL Fiduciary Rule was delayed until at least 2019. In September, the US securities settlement cycle moved from T+3 (trade date plus three days) to T+2 (trade date plus two days) bringing the US in line with most global markets.


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What We’re Watching…

We’re less than 100 days away from MiFID 2 implementation, with a lot of work to be done. The global asset management industry awaits the SEC’s decision on whether to reconcile the EU and US research unbundling requirements. In November, we expect to see next steps from the Central Bank of Ireland on their ETF consultation. Managers should also be finalizing their  preparations for PRIIPs and the European Benchmark Regulation which also go live 1 January.

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