Increasingly complex and intrusive regulation in domestic and international markets is one of the key issues facing financial institutions. New fund regulations including the AIFM (alternative investment fund managers) directive and the proposed revision to the UCITS (Undertakings for Collective Investment in Transferable Securities) framework will have a direct impact on custodians. Other market-specific sets of regulations, such as Dodd-Frank in the US and the European Market Infrastructures Regulation (EMIR), will also have an effect.
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