We highlight what to expect this quarter and recap Q4’s key regulatory developments.
What could change the game in Q1:
- Yet again, we’re approaching another Brexit deadline. If both sides can agree to terms prior to January 31, the separation will happen then. Otherwise, the end of January will be the final cutoff for a deal. Most asset managers have had contingency plans in place for several months now and have notified regulators of their plans.
- The industry has until next week to comment on October’s PRIIPs consultation paper. Soon after, we can expect a review of PRIIPs, including some consumer testing of the revised scenarios and cost disclosures, and a submission of final revision proposals from the European Supervisory Authorities to the European Commission.
- The fifth EU anti-money laundering directive (AMLD 5) takes full effect later this week as member states were given until January 10 to put enabling legislation in place. Beneficial owners will have to register in each country’s registry starting Friday.
What happened in Q4:
- In December, the US SEC approved several new active ETF structures that are semi-transparent, proxy-based, and opened the door for new product types.
- On October 31, another Brexit day came and went without any separation between the EU and the UK. Elections in December kept Prime Minister Boris Johnson at the head and boosted his Conservative majority as many in the Labour party lost their seats.
- The UK’s SM&CR took effect for asset managers as of December 9. The Senior Managers and Certification Regime holds firm leaders to a high professional standard and increases accountability on individuals and has extraterritorial applicability.
Top On The Regs Posts of Q4: