The recent MoneyMate Data Management 2013 survey has some interesting insights into what is happening on the ground in 2013.
First up was a question on regulation - What regulations are impacting your firm’s operations the most in 2013?
Dodd-Frank topped the poll at 51%, which is high when you consider the respondents in the survey came from both sides of the Atlantic. Heretofore, many firms had indicated that Dodd-Frank was their chief concern – this was from a future impact perspective. The 2013 survey is indicating that this is now actually hitting home when it comes to day-to-day operations in 2013. If anything, I expect the impact of Dodd-Frank to grow and would expect next years survey to reflect that.
Another interesting finding in the survey is that 41% of the survey respondents have had an operational impact in 2013 with respect to preparing for FATCA, one can imagine what the impact will be once FATCA hits home fully. RDR was another notable hot spot with 30% of respondents highlighting it as something that was having a real impact in 2013. UCITS IV and Solvency II polled 36% and 21% respectively indicating European regulation is still a hot topic – even if EIOPA and the EU council have delayed the full deployment of the Solvency II framework. Interestingly, I have heard on the ground that RMORSA in the US is starting to surface as an issue for institutional managers with demands for more holding level transparency, including demands for look-through in multilevel portfolios e.g. fund-of-fund like structures. It will be interesting to see if RMORSA surfaces as a key trend in 2014 and it is something I will be keeping an eye on as 2013 rolls on.