AIMA Regulatory Horizon Scan

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href="https://www.aima.org/regulation/keytopics.html" >Key Topics in Regulation</a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/distribution-360.html" >Distribution 360 Programme</a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/regulatory-webinars.html" >Regulatory webinars and quick takes </a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/immsg.html" >Irish Manager Members Steering Group</a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/aima-s-policy-principles.html" >AIMA's Policy Principles</a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/aima-regulatory-responses-comment-letters.html" >AIMA regulatory responses / comment letters</a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/government-and-regulatory-affairs-newsletters.html" >Government and Regulatory Affairs Newsletters</a> </li> <li class="is-active " > <a class="active" href="https://www.aima.org/regulation/aima-regulatory-horizon-scan.html" >AIMA Regulatory Horizon Scan</a> </li> <li class="" > <a class="" href="https://www.aima.org/regulation/spotlight-on-compliance.html" >Spotlight on Compliance</a> </li> </ul> </div>  </div>  </aside> <section class="col-xs-12 col-md-9"> <div class="social-media-wrapper"> <ul class="social-media mod-square" > <li><a class='st_facebook_custom' ><span displayText=''><span class="font-icon font-icon-facebook"></span></span></a></li> <li><a class='st_twitter_custom' ><span displayText=''><span class="font-icon font-icon-twitter"></span></span></a></li> <li><a class='st_linkedin_custom' ><span displayText=''><span class="font-icon font-icon-linkedin"></span></span></a></li> </ul> </div> <h1>AIMA Regulatory Horizon Scan</h1> <p>The industry is entering a challenging period of regulatory change.  Regulators worldwide have been focused on adjusting their regimes, but some 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".   </p> <p><em><strong>All dates for pending proposals are estimates and subject to change.</strong></em></p> <div class="cta-widget"> <div class="cta-content bg-grey-light"> <h3 class="cta-heading">Current Weekly Horizon Scan</h3> <p class="cta-text">The horizon scan is refreshed weekly. A new version is posted each Monday (Tuesday following most U.S. and UK holiday weekends).</p> <p class="cta-text"> <a href="https://www.aima.org/asset/966F5F6D%2D7365%2D46D4%2DA3A1588BD224B324/" title="AIMA Regulatory Horizon Scan" class="btn" target="_blank">Download the current Horizon Scan</a> </p> </div> </div> <p>© The Alternative Investment Management Association 2023-2025 </p> <h3>Frequently Asked Questions</h3> <div class="collapsible"> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>How can I access more information about the requirements?</a></h4> <div class="collapsible-item-content"> <p>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.</p> <p>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.</p> </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>Does the weekly horizon scan include every proposal and every final regulatory requirement with an open compliance period?</a></h4> <div class="collapsible-item-content"> No. This is a curated selection of items that AIMA staff have compiled based on the work we have performed on members behalf. Choices are made about which proposals AIMA does or does not respond to and similar types of choices have been made here. There will be proposals and final requirements that will affect members but which will not be included in the AIMA Regulatory Horizon Scan. <em><strong>Members are urged to use the weekly horizon scan in conjunction with other resources available to them when deciding whether they have addressed all applicable regulatory requirements.</strong></em> </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>How are the dates for pending proposals estimated?</a></h4> <div class="collapsible-item-content"> For proposals that have not been published in final form, <strong>all of the dates are ESTIMATES</strong>. We have made these estimates in good faith based on the limited information available to us, and users should understand that all such dates are subject to frequent change. Where possible, the estimates are based on information from the regulators themselves, such as Regulatory Flexibility Agendas published by US regulatory agencies semi-annually and indicative lists showing matters to be prioritised during a given European Council Presidency term. However, even with these insights, the estimates have to be adjusted due to the passage of time and the regulator's overall workload. For each pending proposal, the webpage accessible via the link under the proposal's name includes a full explanation of the basis for that proposal's indicative dates. </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>The lists of dates are confusing. How should these be read?</a></h4> <div class="collapsible-item-content"> <p>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.</p> <p>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.</p> </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>What do the colours of the bars signify?</a></h4> <div class="collapsible-item-content"> <p>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.</p> <table> <tbody> <tr> <td valign="top"> <p><b>Bar Color</b></p> </td> <td valign="top"> <p><b>Priority</b></p> </td> <td valign="top"> <p><b>Impact</b></p> </td> </tr> <tr> <td valign="top"> <p>Bright orange</p> </td> <td valign="top"> <p>High</p> </td> <td valign="top"> <p>High</p> </td> </tr> <tr> <td valign="top"> <p>Bright pink</p> </td> <td valign="top"> <p>High</p> </td> <td valign="top"> <p>Medium</p> </td> </tr> <tr> <td valign="top"> <p>Red-orange</p> </td> <td valign="top"> <p>High</p> </td> <td valign="top"> <p>Low</p> </td> </tr> <tr> <td valign="top"> <p>Lavender/purple</p> </td> <td valign="top"> <p>Medium</p> </td> <td valign="top"> <p>High</p> </td> </tr> <tr> <td valign="top"> <p>Mid-dark blue</p> </td> <td valign="top"> <p>Medium</p> </td> <td valign="top"> <p>Medium</p> </td> </tr> <tr> <td valign="top"> <p>Sky blue</p> </td> <td valign="top"> <p>Medium</p> </td> <td valign="top"> <p>Low</p> </td> </tr> <tr> <td valign="top"> <p>Bright blue</p> </td> <td valign="top"> <p>Low</p> </td> <td valign="top"> <p>High</p> </td> </tr> <tr> <td valign="top"> <p>Lime green</p> </td> <td valign="top"> <p>Low</p> </td> <td valign="top"> <p>Medium</p> </td> </tr> <tr> <td valign="top"> <p>Bright yellow</p> </td> <td valign="top"> <p>Low</p> </td> <td valign="top"> <p>Low</p> </td> </tr> </tbody> </table> <p>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.</p> </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>Why do some of the items have two bars?</a></h4> <div class="collapsible-item-content"> In some instances, the final rules or the proposal includes a split compliance obligation. Some matters are due at one compliance deadline, and other matters are due at a later date. In the alternative, some affected parties must comply by one date and others by another. These differences are reflected in the separate bars for clarity. </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>Why do the bars start where they do?</a></h4> <div class="collapsible-item-content"> The start dates are set to the publication date on the relevant authority's website and not the Federal Register, Official Journal or similar. These extra days can be used for planning even if the text is not yet officially recognised. </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>Can I reuse the AIMA Horizon Scan materials?</a></h4> <div class="collapsible-item-content"> The weekly AIMA Horizon Scan materials are the work product of AIMA and are subject to copyright rules related to fair use.  Onward commercialisation of these materials and other materials from AIMA's website (e.g., the linked Spotlight on Compliance pages) is not permitted. </div> </div> <div class="collapsible-item"> <h4 class="collapsible-item-header"><a>What happened to the AIMA Regulatory Almanac?</a></h4> <div class="collapsible-item-content"> <p>The information previously available in the AIMA Regulatory Almanac has been incorpated as features of the AIMA Regulatory Horizon Scan and, where relevant, the linked Spotlight on Compliance pages.</p> </div> </div> <div class="collapsible-item"> <h4 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AIMA Regulatory Horizon Scan