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2016-01-26

Thomson Reuters Corporation : Thomson Reuters Annual Special Report on the State of Regulatory Reform Reveals Potentially Diverging Transatlantic Positions on

UK Rulemakers' Stance May be Easing, but Compliance Officers See Personal
Liability Rising

NEW YORK / LONDON, January 26, 2016
- Thomson Reuters has published its sixth annual State of Regulatory Reform
special report which shows that despite differing local conditions,
compliance officers are wondering when the regulatory tide will turn
decisively after years of post-financial crisis rulemaking.

The regulatory burdens and personal liabilities they face are expected to
increase throughout 2016 but there are conflicting signals from the world's
main two financial centers, London and New York, according to the special
report. Eight years after the collapse of Lehman Brothers, while there are
signs in the UK of an end to political antagonism toward the banking
community and of a more pragmatic approach to financial regulation, the
opposite is the case in the United States in an uncertain election year when
Wall Street is politically unpopular.

In the 2016 special report, Thomson Reuters journalists covering financial
regulation in London, Hong Kong, Singapore, Perth, Toronto, New York,
Washington, D.C. and beyond have analyzed the likely regulatory trends
prevailing in their regions as well as globally for the year ahead.

"Our special report has become an authoritative guide for compliance
practitioners and senior directors in financial institutions worldwide," said
Alexander Robson, managing editor, Regulatory Intelligence, Thomson Reuters
in London. "It is going to be another hard year to address for regulatory
professionals."

"Regulatory risk is a top concern among financial industry leaders, and this
report is a valuable tool in helping them to formulate a global
risk-management strategy for the year," said Randall Mikkelsen, North
American managing editor, Regulatory Intelligence, Thomson Reuters in Boston.

Highlights from the Thomson Reuters State of Regulatory Reform 2016 special
report include:

Banking culture reform in U.S. confronts hurdles:Thorny issues of banking
culture will be an important focus for U.S. financial regulation in 2016.
Senior managers at both large and small firms can expect to be scrutinized
about what progress they have made toward instilling strong ethics and
values, and will need to be able to demonstrate to supervisors that they have
policies and procedures in place to prevent misconduct.

Focus on systemic risk increases obligations for U.S. asset managers:
U.S. asset managers and registered funds will be faced with more compliance
obligations and costs in 2016 as the Securities and Exchange Commission works
to monitor and reduce systemic risk across the entire financial system.

U.S. anti-money laundering regime set for upgrade as Islamic State adds
urgency:As the battle against the Islamic State raises the banking industry's
role in security policy, U.S. financial institutions and regulators face
multiple demands in 2016 to strengthen financial-crime compliance. They will
need to address a pending U.S. rule requiring that they know more about their
customers, and a push to bring investment advisers into the anti-money
laundering fold. Challenges will include scrutiny from an international task
force and the delicate balance between serving legitimate, profitable
customers and "de-risking" to abandon business lines where illicit
transactions are rife.

UK regulators insist post-crisis regulation is not a return to the pre-crisis
playbook:
Having been accused of (wholesale) "soft-touch" market regulation leading up
to the financial crisis, the UK authorities are keen to explain that their
new more market-friendly approach is not a return to de facto
self-regulation.

Stressing individual accountability could alter decision-making processes at
top of banks:Regulators and legislators face the uncomfortable prospect that
the imminent arrival of the UK's new senior management regime may bring about
excessively cautious and defensive behavior on the part of some managers,
while undermining collective decision making by banks' executive committees
and boards.

FCA fines to remain high in 2016:In 2014-15, the UK Financial Conduct
Authority's administered fines reached £1.4 billion, marking a fiftyfold
increase in seven years. While this level of growth is unlikely during 2016,
there will be ongoing oversight and tangible regulation.

In Mark Steward's first year at the FCA as the new head of enforcement, he
will seek to establish himself and build on the work carried out by the
enforcement division over the past few years. He may use the FCA's newest
tool, the Senior Managers and Certification Regime (SMR), to make a statement
in the market.

The regulators will contest the UK Court of Appeal's narrower test for
deciding if an individual has been identified prejudicially in a final notice
and therefore given third-party rights.

To read the Thomson Reuters 2016 Special Report on the State of Regulatory
Reform, encompassing all regions of the world, go
tohttps://risk.thomsonreuters.com/special-report/state-regulatory-reform-2016.
To learn more about Thomson Reuters Regulatory Intelligence, please click
on:https://risk.thomsonreuters.com/products/thomson-reuters-regulatory-inte...

Thomson Reuters

Thomson Reuters is the world's leading source of news and information for
professional markets. Our customers rely on us to deliver the intelligence,
technology and expertise they need to find trusted answers. The business has
operated in more than 100 countries for more than 100 years. Thomson Reuters
shares are listed on the Toronto and New York Stock Exchanges. For more
information, visit www.thomsonreuters.com.

CONTACTS

-----------------------------------------------------
| Mark D. Harrop |
| |
|Public Relations Manager, Financial&Risk |
|Thomson Reuters |
|Office +1 646-223-7803 |
|Mobile +1 347-803-5575 |
|mark.harrop@thomsonreuters.com |
| |
| |
| |
| |
|Lemuel Brewster |
| |
|Senior Public Relations Director, Financial&Risk |
|Office +1 646-223-5147 |
|Mobile +1 917-805-1089 |
|lemuel.brewster@thomsonreuters.com |
| |
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Source: Thomson Reuters Corporation via Globenewswire

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