Outlook.

Although some of the current key regulatory initiatives will, over time, become business as usual, they represent only a proportion of the wide-ranging suite of more detailed regulatory change initiatives and new overarching standards and themes that we see currently unfolding. Our business will need to understand and respond to each as they take shape and crystallise. As a result, over the coming years, we expect to operate in an environment of continued regulatory change. For example:

  • Implementation reviews of flagship policy initiatives: Given the volume of new regulation that has been formulated, we expect both UK and EU regulators to make further changes to these regimes in the light of, for example, post-implementation reviews.
  • The EU increasing harmonisation through more direct conduct regulation with initiatives such as the new PRIPs proposals and the reviews of the MiFID and IMD regimes being examples. Corporate Governance is also given greater emphasis, in both specific Directives and new dedicated proposals.