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6 August 2014

Addressing common challenges on the regulatory horizon

The current barrage of regulatory reforms sweeping the global financial services industry poses an enormous challenge for all sectors.

These changes are impacting banks, broker/dealers, insurance companies, institutional asset managers, hedge funds and their asset servicers such as fund administrators, custodians and prime brokers at differing levels but on a similar time frame.

Yet for all the breadth of scope and complexity of the rules being introduced, there are striking commonalities between many of them. Overall there is an inherent desire from legislatures to limit systemic risk, to make the markets more transparent and to fundamentally protect the investor (consumer) from unfair market practices. In particular, the key to compliance lies in leveraging timely, accurate and transparent pricing and reference data.

Regulatory focus

The financial crisis has focused many regulators’ attention on protecting customers and markets, enhancing corporate governance standards and levels of transparency, and making supervision more effective. In particular, reforms are targeting:

Transparency and Disclosure: Various regulations – including Dodd-Frank and EMIR, IFRS, UCITS,PRIPS, AIFMD and Form PF –aim to increase transparency and disclosure of exposures to financial markets. FATCA targets transparency and disclosure of underlying investors. Meanwhile, new accounting standards being rolled out by the International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) focus on measuring and reporting the “fair value” of assets and liabilities.

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