Regulatory change management that maps every rule change to the funds, policies and owners it hits, cited to the paragraph
Each rule change mapped to the funds, policies and owners it hits, cited to its paragraph.
See one case, screen by screen ↓Regulatory change management is the work of capturing every new rule, guidance and date change from regulators, deciding what applies to the firm, and making sure each obligation reaches the funds, policies, coded compliance rules and owners it affects, with evidence of who decided what. Regulatory Change Management is regulatory change management software for asset managers: seven AI agents read each regulator in its own language and cite every line to its paragraph, while Legal approves applicability, owners attest and the CCO signs.
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Regulatory change management at a global asset manager starts with hundreds of regulator publications a month from the SEC, FINRA, CFTC, DOL, FCA, ESMA and a dozen national regulators, many published only in the regulator's own language. An analyst reads alert emails and vendor summaries and marks each item relevant or not in a spreadsheet. For the relevant ones, someone emails Legal to ask which funds it touches, the fund list is pulled from the fund administrator by hand, and policy owners are sent the circular and asked to assess impact. The compliance-rule coders hear late, often from a breach.
Then the dates move. The Form PF amendments' compliance date has moved four times, now to July 1, 2027, and a spreadsheet nobody re-plans goes stale. A French-only circular is read days late, a fund is ruled out and nobody re-checks it, a policy is updated but the coded rule is not. When an examiner asks who decided what, on which text, the answer is spread across email.
Estimated split for one relevant publication at a multi-domicile fund manager, by hand and with the solution.
Seven agents read every regulator in its own language and map each paragraph to funds, policies and owners; Legal approves.
Quillfield Capital runs 486 funds and sub-funds in 11 legal entities and 9 domiciles. On Friday, October 16, 2026, Luxembourg's CSSF publishes Circular 26/918 on liquidity stress testing and AIFMD II liquidity management tools, in French only. Here is what happens next, screen by screen, in the working solution.
Overnight the agents read 11 publications and opened 2 changes. Priya's home shows 318 publications in the last 30 days, 23 awaiting triage against a 5-business-day SLA, 186 open changes and 1,124 open actions, 3 of them overdue and escalated to Marcus Bell. First in line is the CSSF circular, where the Checker agent disagrees on one fund.
Checker agent: “I agree on 485 of 486 calls. I disagree on Private Credit Evergreen … I put it at 71%; please decide.”
The Watcher agent reads every source daily in the original language and sets the English title beside it: a BaFin interpretive decision on sustainability-related fund names, an AMF FAQ on SFDR, an SFC FAQ on dual-counter ETFs. Each carries a relevance score. 254 were ruled not relevant, each with a reason, and 20 a week are sample-checked by an analyst.
“BaFin website timed out at 6:00 a.m. Two German-language publications may be waiting. The Watcher agent retries at 10:00 a.m.”
The CSSF published the circular at 4:24 p.m.: 22 pages, French only. The Watcher agent captured it at 6:12 p.m. and opened change RC-2026-0418, and the Reader agent aligned English beside all 31 paragraphs, extracted 9 obligations and found the application date, March 31, 2027 (¶29). The impact map fans each paragraph out to the funds, policies, coded rule and owners it hits, each line labeled with its due date.
¶12, in English beside the French: “Managers run liquidity stress tests at least once a quarter for each fund, including a reverse scenario …”
Against the fund master, 468 funds fall outside ¶5 because no Luxembourg-authorized manager runs them. Of the 18 Luxembourg funds, 14 sub-funds holding $49.3 billion are in scope and 4 are out: two money market funds (¶3), a closed-ended private equity fund (¶4) and a sub-fund that merges on November 30, 2026, before the application date (¶29). Priya asks the agents why the money market funds are out, and the answer quotes the French.
Applicability agent: “Euro Liquidity and USD Liquidity are money market funds under Regulation (EU) 2017/1131, and ¶3 excludes them … The Checker agent agreed on both.”
The Checker agent re-tests all 486 calls with a separate model and agrees on 485. Private Credit Evergreen deals quarterly after a 24-month lock-up. The Applicability agent says open-ended and in scope at 92%, because investors can redeem before liquidation. The Checker puts it at 71%, citing the lock-up, the 5% dealing limit in the offering memorandum and ¶4's exclusion of closed-ended AIFs.
Checker agent: “I would not decide this alone.”
Priya reads both arguments beside their sources, offering memorandum §8.2 and the EU definition of an open-ended AIF, and rules the fund in scope: “redemption rights before liquidation make it open-ended (¶5)”. Her reason goes to Legal with the proposal: 14 sub-funds in scope, 472 out, 2 policies and 1 coded rule. Acting as herself, she cannot approve it.
“Legal approves; you cannot approve your own proposal.”
Eleanor approves applicability with her reason: supported by ¶3, ¶4, ¶5 and ¶29. The Owner agent sends 5 actions to 4 owners from the responsibility map: Sophie Laurent's liquidity risk policy redline and first quarterly stress tests, Luc Reinert's liquidity management tools policy, Tomás Herrera's coded rule and Anne-Marie Weber's board paper for the management company. Policy due dates are the application date minus 33 days, the rule minus 16.
“5 actions sent to 4 owners · due March 31, 2027”
The Impact agent searched 212 policies and 3,940 coded rules and traced ¶12 to §5.3 of the Liquidity Risk Management Policy – Luxembourg (LRM-LU v4.2). Its tracked changes move stress tests from semi-annually to once a quarter, add a reverse stress test that finds the redemption level at which a sub-fund can no longer meet requests, and report results to the board each quarter. Each insertion cites its paragraph; Sophie accepts, edits or rejects it with a reason.
Nothing changes in the policy library or the compliance engine until the owners act.
Rule LQ-LU-117 goes from live version 7 to a version 8 drafted by the Impact agent: quarterly instead of semi-annual, a reverse scenario required, quarterly board reporting, and a scope of 14 sub-funds, 12 UCITS and 2 open-ended AIFs. Tomás runs it on Q3 2026 data in the compliance engine's sandbox: 13 pass and 1 alert, as expected, because Private Credit Evergreen has no reverse test on file yet.
“The engine keeps its own maker-checker: a second coder approves v8 before go-live.”
Sophie's attestation has three steps: read the redline, attach evidence, attest. She links the published LRM-LU v4.3 and the board minutes of March 4, 2027 from the policy library, and the Checker agent confirms the published version matches the accepted redline. When she attests, action A-0418-1 closes and the evidence is kept 7 years.
Checker agent: “published v4.3 matches the accepted redline” — 3 of 3 insertions present, no other changes.
One circular, seen by the five people who carry it — what they said they needed, and what their work looks like now.
Seven agents read every regulator in its own language and map each paragraph to funds, policies and owners; Legal approves.
Reads 64 regulator and standard-setter sources daily in the original language, from regulator websites and feeds, the Federal Register, official journals and the law-firm memo inbox; dedupes, classifies each publication (final rule, proposal, guidance, Q&A, consultation, enforcement, date change) and detects moved dates.
Aligns English beside every paragraph of the original and extracts obligations, scope clauses, exclusions and dates, using a translation memory and a glossary of regulator terms in French, German, Italian, Spanish, Dutch, Chinese and Japanese.
Tests every fund and entity against the firm's own fund master, entity register and prospectus library: domicile, manager authorization, wrapper, open- or closed-ended, money market status, strategy, investor type and lifecycle.
Runs the regulatory impact assessment: maps each obligation to the policies, procedures and coded compliance rules it hits, drafts tracked-change policy redlines and the rule's parameter change, and readies the rule for a test in the compliance engine's sandbox.
Assigns owners from the responsibility map, sets due dates from the application date minus buffers, reminds at 14 and 3 days, escalates to the CCO one day overdue, and re-plans every dependent action when a regulator moves a date.
Independently re-tests every applicability call, including every “not applicable”, with a separate prompt and model; verifies every citation matches its source passage and every redline insertion matches its paragraph.
Keeps the change and obligations register current, computes the program's measures, and drafts the quarterly CCO summary, board papers and the evidence pack for auditors and regulators.
Propose, approve, attest, sign. The agents propose; a named person decides.
Ask about a publication, fund, paragraph, policy or deadline, or tell the agents what to do. Every answer cites the regulator's paragraph or the system it came from, and every action waits for a person.
Which of our funds does the CSSF circular hit?
Fourteen Luxembourg sub-funds, $49.3 billion: twelve UCITS and two open-ended AIFs (¶5). Out: two money market funds (¶3), Private Equity Europe IV (¶4) and Japan Value Equity, which merges before March 31, 2027.
Why is Private Credit Evergreen disputed?
It deals quarterly after a 24-month lock-up. The Applicability agent reads that as open-ended; the Checker agent flagged it because the lock-up is long and ¶4 excludes closed-ended AIFs. A person should decide.
Which deadlines moved this year?
The Form PF amendments moved for the fourth time, now July 1, 2027, and Names Rule reporting on Form N-PORT is November 17, 2027 for our fund group. The 12 Form PF actions are re-planned and wait for your OK.
Draft the board paper for the management company
Drafted a two-page paper: what ¶12 and ¶17 require, the two policy redlines, the 14 sub-funds affected and the dates. It is attached to action A-0418-4 for Anne-Marie Weber.
13 screens from the working solution, on its sample data. Pick one to see it large.
Thresholds, due-date buffers, reminders and approvals are settings. Every change needs a second approver and is logged.
| Setting | Default | Choose from |
|---|---|---|
| Relevance confidence | 85% | Set by the administrator with a second approver · below it, an analyst decides relevance |
| Applicability confidence | 85% | Set with a second approver (the CCO) · below it, a person decides the fund |
| Checker re-test | 100% of calls | Every call, including every “not applicable” |
| Triage SLA | 5 business days | From capture to relevant or not |
| Policy due date | Application date − 33 days | Leaves time for board approval |
| Coded rule due date | Application date − 16 days | Leaves time for the sandbox and a second coder |
| Reminders and escalation | 14 and 3 days before due · 1 day overdue to the CCO | By email and chat, then weekly |
| Extensions | CCO approves | Never past the application date |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (SEC and CFTC, Form PF compliance date extended to July 1, 2027 on Aug 31, 2026, its fourth move). AIFMD II (Directive (EU) 2024/927) is real; CSSF Circular 26/918 and its text are illustrative. Quillfield Capital, its funds and the people named on this page are fictional: characters and sample data in the working solution.
Regulatory change management is the work of capturing every new rule, guidance and date change from regulators, deciding what applies to the firm, and making sure each obligation reaches the funds, policies, coded compliance rules and owners it affects, with evidence of who decided what. Regulatory Change Management is regulatory change management software for asset managers: seven AI agents read each regulator in its own language and cite every line to its paragraph, while Legal approves applicability, owners attest and the CCO signs.
Regulatory horizon scanning is watching regulators for what is coming and when, and turning each publication into regulatory intelligence the firm can act on. The Watcher agent reads 64 sources daily in the original language, classifies each publication, merges duplicates and checks every source for moved dates. The Horizon screen shows application and compliance dates for the next 20 months, with the history of every date a regulator has moved.
The Applicability agent tests every fund against your own fund master: domicile, manager authorization, wrapper, open- or closed-ended, money market status, strategy, investor type and lifecycle. It never rules a fund out without citing the excluding paragraph. A second agent re-tests every call, the regulatory change manager decides any disagreement and proposes, and Legal approves.
Yes. In the sample firm's last 30 days, 99 of 318 publications were not in English: French, German, Chinese, Japanese, Italian, Spanish and Dutch. The Reader agent sets English beside every paragraph of the original, and every impact line is cited to the original paragraph, not to a summary.
The Watcher agent detects the move, and the Owner agent re-plans every dependent action to keep the same buffers before the new date. After the Form PF compliance date extension to July 1, 2027, its fourth move, 12 actions were re-planned and waited for the change manager's OK before owners were asked to confirm. The full date history stays on the change.
Yes. The Reader agent extracts each publication's obligations, obligations mapping links each one to the funds, policies, coded rules and owners it hits, and the change register holds every open change from capture to attestation with its regulator, entity, stage, funds, actions, owners and due date, searchable and exportable. Obligations and controls stay in step with your GRC tool both ways.
People decide. The agents never change a published policy or a live coded rule: redlines are drafts the owner accepts, and rule changes are tested in the sandbox and approved by a second coder in your compliance engine. The change manager proposes and Legal approves applicability, owners attest with evidence, and the CCO approves extensions and signs the quarterly summary.
The Agentic Solution Engine builds and deploys it from your requirements and documents, and it goes live once every quality gate has passed. Setup connects your regulator sources, imports the fund master, the policy library and the coded rules, maps owners, then re-runs last month's publications so you can compare the agents' calls with what your team decided by hand.
Mandate rules live in a day, not two weeks, each read twice, tested and cited.
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1-min demoWe'll run Regulatory Change Management on a sample of your own recent regulator publications and your fund list.