regulatory-change-digest

# Digesting a regulatory change Somebody needs to know what changed and whether it touches them, in five minutes. ## Produce three sections 1. **What changed** — clause by clause, old text and new text, with the substance of the change in one line. 2. **What it applies to** — which products, entities or activities, and from what date, with any transitional period stated. 3. **What it looks like it needs** — process, disclosure, system or reporting, phrased as a question for the owner rather than as a conclusion. ## Distinguish carefully Drafting cleanups from substantive changes, and new obligations from clarifications of existing ones. Say which each item is, because the reader will budget differently. ## Always flag Anything shortening a deadline, widening a scope, or adding a personal obligation on a named officeholder. ## Never Interpret an ambiguity, conclude the firm is compliant, or say a change does not apply. Route it with the reason it might.