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What's Your Regulatory IQ?

September 2013

Timothy Keaney

Vice Chairman and Chief Executive Officer, Investment Services

Regulatory Reform: The Great Global Reset

To hear Tim Keaney, BNY Mellon's CEO of Investment Services, tell it, regulatory reform is making a fundamental difference to financial services globally. "It's reshaping the competitive landscape," he says. "It's reshaping our clients, where they make their money, their products, capital deployment. And it's creating huge opportunities for our industry." Tim offers the following suggestions, wherever you sit in the investments industry:

  • Raise your regulatory reform IQ – Regulatory reform is complicated and fast moving, so he recommends getting educated on the details. One way to do that is to "spend time with the organizations and market participants that are helping shape regulatory reform."
  • Understand, by geography, how regulations will impact your business – How will things be different for your business entities in different geographies and juristictions?
  • Ask questions of yourself – Do I understand the impact of regulations on my clients, my prospects, my products, my deployment of capital and my business model?

Two Themes To Obey

Tim also suggests paying attention to two main themes that have come out of regulatory reform:

  • Transparency – Transparency on regulatory readiness is important.
  • Adequacy of Collateral – You want to make sure that if a market participant fails, the transaction will be good, it will settle and tax payers and investors won't be put at risk.

 
And what of the small investor? Tim doesn't think the problems of small or individual investors are any different from that of large institutions. His advice: understand how the reforms will impact you, your retirement plan, your personal savings habits, your plans for the future, the institutions you do business with, their capital adequacy and their public ratings.

The key takeaway is that regulatory reform is changing the landscape. Those that understand how this will affect their respective sectors will be successful.

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