The art of compliance is a craft much like that of a carpenter who learns to
work with various kinds of wood and designs. Ours is an industry wrought
with differences. While the regulations that govern FDA-regulated industries
are proscribed, how the regulations are interpreted and applied really
depends on experience and how well one has mastered the craft of compliance.
There are no proscribed procedures, but there are guideposts common
to all FDA-regulated industries, whether a firm manufactures medical
devices, pharmaceuticals, or biological products....
The EU authorities have an ambitious regulatory agenda in
2012 with a host of new rules in prospect that will have a
broad impact on the fund industry. In relation to UCITS,
new rules will be issued for UCITS ETFs and Structured
UCITS that will tighten the regulatory framework for
these products. In addition the European Commission is
working on a new UCITS V proposal to align the depositary
framework with the requirements of the AIFMD.
The second part of the book is focused on developments in the global insurance market. It
essentially considers global market trends in the insurance sector in terms of the
challenges posed by market trends, regulatory convergence and changes in the
technological and corporate landscape. It benefits from submissions made by John Cooke,
Chairman of the Financial Leaders Working Group, Chris Gentle Global Director
(Research), Financial Services, Deloitte & Touche, Patrizia Baur of Swiss Re and J.F.
Outreville of UNCTAD.