Keep an eye on big regulatory picture, E&Y advises

The post-Lehman regulatory environment has grown into a complex web of rules, regulations and ugly acronyms and there are no signs that the law makers are going to let up anytime soon.

That was one of the key conclusions of Anthony Kirby, executive director, regulatory reform & risk management, Ernst & Young, speaking at the PropertyEU Regulatory Investment Briefing at Realty in Brussels at end-May.

Since the fall of Lehman Brothers in September 2008, the authorities have introduced 40 new regulations in Europe alone and individual countries are also adapting their laws of conduct, he pointed out. ‘We asked for regulation, well we got it!’

Within this multiple regulatory environment, real estate companies would be well-advised to remain vigilant, he added. ‘You need to keep somebody on the bridge to watch out for the big picture, which appears to be designed for plurality and complexity. And you need to start straightaway. Otherwise you could be out of business. Most competitive businesses are already moving.’

Kirby had a simple piece of advice for attendees at the briefing: ‘Admit to being human. You can plan around this. Get on with coding and reporting - there is stuff that we know and stuff that we have to have a scenario for and look at peer groups. There are lots of moving parts, some of which are known, but some are not. If you know, you can implement. If you don’t, you have to ask around.’

You can read the full briefing report - which appears in the July-August edition of PropertyEU Magazine - here.

In addition, you can view the presentations and videos from the briefing here.