The volume of activity along the current regulatory pipeline remains high, but it is now concentrated in two distinct parts of the pipeline. Firms need to keep an eye on and seek to influence the evolving regulatory horizon, even though resources are stretched in implementing swathes of new rules. One very large bulge in the pipeline is detailed rule-making and issuing of guidelines by the European Supervisory Authorities (ESAs), which underpin the many new Level 1 Directives and Regulations. MiFID II is giving rise to a substantial proportion of that work. Coupled with national regulators’ domestic implementation programmes, this alone is requiring major resource spend for banks, investment managers and other investment firms, including - for the first time – commodity firms.