Outside the US, the drive to implement rules is relentless. Regulators around the globe continue to focus on governance, culture and conduct.
Within Europe, MiFID II is king, but has thrown up a number of implementation issues and questions about fragmentation of the single market.
Elsewhere, there is little standardization about how corporate governance is defined and implemented, with each jurisdiction focusing on areas of concern to local investors and politicians. There are a number of emerging themes, though, which chime with developments in Europe, such as increasing focus on named individuals and clarity of roles, and on risk and compliance functions.
Product governance and disclosures remain firmly in regulators' sights, as do fund distributors in general and financial advisers in particular. And the protection of client data has become a major priority.