Caught in the EU FINREG WAKE

3 Welcome Growing up in coastal New England, a good portion of my childhood summers were spent at the beach. Owing to the relative calm of the Massachusetts Bay, I can still remember the excitement my friends and I felt when we saw a boat speeding by in the distance. This is because we knew that the wake from the boat would create a surge of waves that would soon be crashing on shore. When putting together this report, I was reminded of those childhood memories because US asset managers have been experiencing something similar with financial regulation. In recent years, EU regulations have been increasingly creating waves that are impacting US managers, even if they do not have any business in Europe. This trend is set to continue and it is important that US managers keep an eye on the horizon for EU regulations. To help you prepare for the coming regulatory waves, this guide highlights the key EU regulations that every US asset manager should know about. Sean Tuffy Head of Market & Regulatory Intelligence, EMEA Custody & Fund Services Table of Contents BMR: A Regulatory Spotlight on Benchmarks 5 GDPR: Navigating the EU’s Data Protection Rules 9 After MiFID 2: Four Key Things to Watch 13 The European Fund Market at a Glance 16 US vs Europe Open-Ended Fund Market 17 MMFR: Dawn of a New Era 19 UCITS & AIFMD: Checking the Hull 23