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Ocorian: North America poses greatest regulatory complexity
25 August 2026 UK
Image: Chaosamran_Studio/stock.adobe.com
New research from Ocorian, a US and global asset services provider, found that — despite recent relaxation of rules in the US regarding climate and ESG disclosures — North America is regarded as posing the greatest regulatory complexity ahead of Europe.
Ocorian’s study surveyed private equity fund managers across US and Europe who collectively manage US$3.511 trillion in AUM.
The study also found that in key US markets like the UK, Switzerland, Germany, Italy, Spain, Poland, Sweden, and Bulgaria, 77 per cent of those surveyed say regulatory considerations are “significant but manageable” factors in determining fund structures.
Regulatory fragmentation was identified by respondents as one of the most underestimated risks facing the market; nearly half believe it.
Ocorian’s study found that more than half — 55 per cent — of fund managers polled believe North America currently poses the greatest regulatory complexity for their business, in comparison with 38 per cent who say Europe is more challenging.
Rebecca Thorpe, global head of regulatory consulting at Ocorian, says: “Regulation plays a significant role in fund structuring and there is genuine concern about the risks of regulatory fragmentation being underestimated across the global market.”
She continues that regulation “influences where private equity fund managers launch funds, and there is evidence that firms are avoiding certain regions or finding it hard to structure funds in those regions”.
Thorpe remarks it is “surprising” that North America is seen as more complex for regulation than other regions despite recent regulatory changes, “possibly reflecting the focus by US authorities on transparency and valuations”.
Ocorian’s study surveyed private equity fund managers across US and Europe who collectively manage US$3.511 trillion in AUM.
The study also found that in key US markets like the UK, Switzerland, Germany, Italy, Spain, Poland, Sweden, and Bulgaria, 77 per cent of those surveyed say regulatory considerations are “significant but manageable” factors in determining fund structures.
Regulatory fragmentation was identified by respondents as one of the most underestimated risks facing the market; nearly half believe it.
Ocorian’s study found that more than half — 55 per cent — of fund managers polled believe North America currently poses the greatest regulatory complexity for their business, in comparison with 38 per cent who say Europe is more challenging.
Rebecca Thorpe, global head of regulatory consulting at Ocorian, says: “Regulation plays a significant role in fund structuring and there is genuine concern about the risks of regulatory fragmentation being underestimated across the global market.”
She continues that regulation “influences where private equity fund managers launch funds, and there is evidence that firms are avoiding certain regions or finding it hard to structure funds in those regions”.
Thorpe remarks it is “surprising” that North America is seen as more complex for regulation than other regions despite recent regulatory changes, “possibly reflecting the focus by US authorities on transparency and valuations”.
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