AIMA Regulatory Horizon Scan
The industry is entering a challenging period of regulatory change. Regulators worldwide have been focused on adjusting their regimes, but some, such as the US Securities and Exchange Commission, have been particularly active in proposing changes to the requirements applicable to fund managers. Many of the proposed amendments are still pending, but we wanted to help members understand the potential overlaps in compliance periods to assist them in forward planning. To this end, AIMA has created the "AIMA Regulatory Horizon Scan".
All dates for pending proposals are estimates and subject to change.
Frequently Asked Questions
How can I access more information about the requirements?
Most of the final rules and pending proposals in the lefthand column have a link under it in the PDF version of the AIMA Regulatory Horizon Scan. Clicking that link will take you to another AIMA website page where, for most of the items on the list, you can read a high-level summary of what is required or proposed to be required. You can also view the full timeline there, and members can access AIMA's work to date on the matter. Where relevant, this page will also contain links through which members can access a full summary of what is required, relevant multimedia content and/or implementation guidance.
For some of the items, this link takes members directly to a summary of what is required. In this instance, there will be no additional information available for non-members.
Does the weekly horizon scan include every proposal and every final regulatory requirement with an open compliance period?
How are the dates for pending proposals estimated?
The lists of dates are confusing. How should these be read?
All dates are in US format. In the "start" and "end" columns, this means "mm/dd". Across the top horizontal axis, the dates are shown as "mm/yy". To give the dates in the "start" and "end" columns appropriate context, you need to also refer to the year as well in the top horizontal axis.
The weekly horizon scan is currently set to cover dates through the end of 2024. When a compliance period ends in 2025 or 2026, those end points are not shown in the weekly horizon scan, but they are shown in the timeline in the linked webpage.
What do the colours of the bars signify?
The bars are different colours to indicate their relative priority and impact. These are judgments made by AIMA staff for the convenience of users, although we appreciate that users could have different views about proposal's priority or impact on their own business.
Bar Color |
Priority |
Impact |
Bright orange |
High |
High |
Bright pink |
High |
Medium |
Red-orange |
High |
Low |
Lavender/purple |
Medium |
High |
Mid-dark blue |
Medium |
Medium |
Sky blue |
Medium |
Low |
Bright blue |
Low |
High |
Lime green |
Low |
Medium |
Bright yellow |
Low |
Low |
While more distinct colour differences, or primary colours, would arguably be more effective, we have been constrained by the limits of the software we are using to generate the AIMA Regulatory Horizon Scan. If you cannot tell the colours apart but want to understand what priority/impact has been assigned to a specific item, click the link under the item name and go to the section of the webpage that is labelled "Timeline" where this information is presented and the colour of the bar identified.
Why do some of the items have two bars?
Why do the bars start where they do?
How does the AIMA Regulatory Horizon Scan differ from the AIMA Regulatory Almanac?
The AIMA Regulatory Horizon Scan is a weekly snapshot of requirements that are either: (i) final and are therefore subject to implementation/compliance by the dates indicated; or (ii) pending finalization by the applicable regulator but close enough to completion to be able to provide a reasonable estimate of the specific date when final requirements may be published and when implementation/compliance will be required. Each item is assigned a high, medium or low impact and a high, medium or low priority, with a different colored bar representing each combination of impact and priority.
The AIMA Regulatory Almanac is a more complete list of the final requirements and pending proposals on the radar of AIMA staff as this list includes matters that have not developed sufficiently for date estimates to be created for purposes of the AIMA Regulatory Horizon Scan. The dates listed are broader estimates than those in the AIMA Regulatory Horizon Scan and are less likely to change as the Regulatory Almanac is updated each month. Each almanac listing briefly describes the nature of the requirements and the key operational impacts/challenges. Each item is also assigned a designation as red, amber or green.