Welcome to our new-look newsletter, which is part of a series of quarterly newsletters that we have been publishing for some time. Although the look and feel is very much different, the intent is very much the same – to provide you with an update of key regulatory issues affecting the UK/EU and the USA.
It’s also the first newsletter of a new decade. 10 years’ ago, the UK was firmly entrenched within the EU regulatory framework, with regulatory initiatives emanating from ‘Brussels’ having a significant impact on the UK regime. The continuation of this state of affairs is now in doubt. The previous decade also saw various regulatory initiatives in response to the 2008 financial crisis. In the US, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama in 2010. Meanwhile in the EU, a plethora of legislation was enacted; for instance, the Alternative Investment Fund Managers Directive was finalised in 2012.
One school of thought is that ‘light touch’ financial regulation is more likely to transpire when the economy is doing well, and vice versa. However, it doesn’t necessarily follow that the regulatory response to the economic environment (both good times and bad) achieves appropriate outcomes. Regulation that is either too robust or too lax can have unintended consequences.
With that in mind, we look forward to the 2020’s and assisting our clients in tackling the various regulatory conundrums that are sure to emerge over the next 10 years! We also hope that you enjoy reading this publication.