Parting of the ways

Evolving asset management regulation report

In last year’s report1 we conjectured that the new political context within Europe and in the US, and developments in Asia and elsewhere, were likely to have a significant influence on regulatory policy and rule-making, during 2017 and beyond. Our insight has been proven correct.

After the financial crisis, regulators around the globe agreed common aims to enhance the integrity of markets and to reduce risks for governments and consumers. There was consensus on the overall regulatory agenda and priorities, leading to a convergence of worldwide regulatory standards. That consensus now appears to be breaking down: there is a parting of the ways.

The US administration believes the raft of post-crisis regulation has encumbered its asset management industry. There is a desire to deregulate and take a path that forks from that of other countries, which are forging ahead with the implementation of new rules.

Within Europe, each piece of post-crisis regulation has a review clause, but each of these reviews has a different due-by date. There are some calls to review rules in the round and consider rationalization, as has happened in the US. It will be interesting to see whether and how the deregulatory agenda in the US impacts policy makers’ views on the extent to which EU legislation should be rationalized. Will competitiveness become a key theme in regulatory debates?

As regards supervisory activities, though, there is a common global theme – increased scrutiny of the asset management sector. Regulators are evolving their supervisory approach, seeking increased resources and harnessing technology...

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