Industry Insights

Operational Resilience in The DIFC is a Board Focus Under CP170

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DFSA’s Consultation Paper No. 170 (CP170) marks a clear evolution in how operational resilience will be defined and supervised in the DIFC. While still in consultation, the direction is clear. This is not a refresh of business continuity planning, nor a narrow enhancement of existing controls. Instead, the proposals introduce a service-focused, outcome-driven framework that […]

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How Investment Advisers Should Approach AI Risk and Governance

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Across industries, AI continues to accelerate operational transformation, offering opportunities to enhance decision-making, streamline processes, and drive innovation. Adoption is becoming mainstream: a June–July 2025 McKinsey survey of nearly 2,000 companies across 105 countries found that 88% were piloting AI in at least one business function; up from 72% in 2024 and 55% in 2023.

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Rethinking Regulatory Filings as a Strategic Capability

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Regulatory filings are no longer a back-office chore. They’ve become a clear marker of compliance maturity and operational resilience. Regulation is expanding across jurisdictions, and reporting obligations are growing more complex. Deadlines are tighter, and tolerance for mistakes is shrinking. Manual processes, spreadsheets, email chains, and disconnected tools cannot keep pace. They introduce risk at

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Simplified MiFIR Transaction Reporting Still Needs Good Data Quality

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When the FCA published Consultation Paper 25/32 in November 2025, it signalled the most significant rethink of UK transaction reporting since MiFID II. The direction of travel has been broadly welcomed across the market, but what makes CP25/32 particularly noteworthy is that industry consensus alone will not deliver meaningful change. Whether these reforms reduce cost

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Building Controls That Stand Up to Regulatory Scrutiny

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As AI becomes woven into the fabric of investment research, operations, and client service, investment advisers face a fundamental shift: AI is no longer an experimental tool. It is an organizational capability that requires structure, oversight, and defensible controls. For a regulated firm, the decision to adopt AI is never just a technological one. It

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FCA Annual Work Programme Signals Sharper Supervisory Focus

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The FCA’s Annual Work Programme for 2026/27 provides one of the clearest statements yet on how the regulator intends to supervise firms as it enters the second year of its five-year strategy. While many of the themes will feel familiar, the programme connects strategic ambition with supervisory execution. This is not simply a forward-looking policy

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Proposed Clarifications to the Scope of Securities Exchange Act of 1934 Rule 15c2-11

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The SEC introduced Rule 15c2-11 to prevent certain manipulative and fraudulent trading schemes that had arisen in connection with the distribution and trading of unregistered securities issued by shell corporations or other companies with thin markets. The SEC has amended the rule several times over the years to address transparency issues, among other things. Rule

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How Valuation Decisions Ripple Through Private Credit Structures

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Valuation sits at the center of how private funds, investment companies, and BDCs operate. It lives in the net asset value (NAV), in the number investors transact on, the base for management and incentive fees, and the reference point for redemptions and marketed performance. Because of that position, valuation is an imperative operating assumption, and

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FINRA Updates CAB Rules Effective March 2026

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Effective March 25, 2026, FINRA adopted amendments to the Capital Acquisition Broker (CAB) rules to help reduce regulatory burden for firms seeking to move to the CAB model. These changes may expand a firm’s activities and enhance their competitiveness with traditional investment banking firms. While FINRA members are still required to maintain and enforce Written

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