For me, it is probably continuation of Solvency II. And I can see that
actually unfold over the next year really. Hopefully not too much. I
think we’ve had Solvency II fatigue. I say that in a friendly way but I think we now
need to get on with the rest of our day jobs which is managing the case that
companies are facing. I think the problem is nobody knows. I mean we’re
done with the Lehman Brothers regulation I mean we’re just about worked her way
through risk assessment for the post- Lehman world but now we’re seeing the
problem of Dodd-Frank in the United States people are very happy with the
lack of integration between what Europe’s doing, what the United States is doing, let alone
the emerging markets which are nowhere near up to scratch on this. And it’s that
level of integration, that macro level of integration, that to me is the most
interesting thing going on. Is there going to be that level? Or are we just going to
have different parts of regulation everywhere where in effect companies are going
to arbitrage where to go based upon the regulatory system that
they’re dealing with? I think it’ll be the latter because politically time and
again they’re just slower. It’s the tortoise compared to the hare of
business; they don’t move at the same speed and so for a
while at least there’s going to be this regulatory arbitrage. That’s what’s
interesting about it right now.