In-house legal and compliance teams within fund managers have spent much of the last year poring over new regulations churned out on both sides of the Atlantic, trying to understand what the regulations mean and how their firms will be affected.

They've learned that even new rules not directly applicable to their company can still influence their business models. As they scrutinise the revised rulebooks line by line, they are juggling unfamiliar queries from clients while also finding themselves called to the boardroom to help redefine the cultures of their firms.