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Following the recent release of my latest research report, North American P&C Vendors: Partners in Claims Excellence, I received numerous phone calls from the many companies whose products and services were included and evaluated in the report, which is normal and to be expected. But one of those calls caused me to reflect upon and reevaluate something so important that I thought it was worth sharing.
This holiday season, the English and the Australians have an additional reason to celebrate: Their financial advisors must soon provide them with fiduciary-level financial advice untainted by product provider commissions (by January 1, 2013 in the United Kingdom and by July 2013 in Australia). Advisors are also required to meet minimum educational standards in order to provide investment advice. As the U.S. Securities and Exchange Commission looks to establish its uniform fiduciary standard in 2013 (let us hope), it can learn from the U.K’s FSA and the Australian Securities & Investments Commission about how to get firms ready for these revolutionary changes. U.S.
Internal teams intent on deciphering the operational impacts of the Dodd-Frank Act and the European Market Infrastructure Regulation (EMIR) have largely focused on the practicalities of developing connectivity to central clearing counterparties (CCPs) and supporting new risk models. An equal (if not as systemically important in terms of actual risk) challenge will be ensuring they are able to report to the new trade repositories that are springing up across the market, using regulatory-prescribed formats and standards.
Many people seem to be up in arms over the new French tax on American Depository Receipts, or ADRs. The tax is actually on French equities transactions, but ADRs -- certificates that represent foreign shares (in this case, French shares) -- are traded on U.S. exchanges and trading venues.