Very interesting, 48%. That’s plurality we use that the election results will be beneficial to the asset management industry. That’s great. Let’s hope that is the case. I’m going to go to … Before ending, I’m going roll out. Like I said, I’m going to debut our 2017 predictions for the regulatory environment in 2017. This is hot off the presses so you’re getting a first cut at this. Just to give, two years ago, I went about eight for 10. Last year, I missed. I don’t have time to go through them all, but I went about 500.

I was sort of four. They call it four, three, and three in my top 10. Four I was right on. Three I was dead wrong and three were kind of pushes because there was timing issues, but a couple of them. These are my top 10 predictions for 2017 and I will tell you my crystal ball is murky with the election. One is I do think the fiduciary rule, the DoL Fiduciary Role will be delayed by executive order. I don’t think it’s going away because you would have to do full rule making for it to go away, but I think President Trump will delay it by executive order.

You probably got the idea that I think the SEC will propose third-party compliance exams next year. I don’t know if it’ll be passed, but I think it’ll be delayed. It’ll be proposed. Excuse me. I don’t see the whistleblowers going anywhere. In fact, I think it’ll survive. I think there is going to be more claims because of all these lawyers helping them out. In addition, I think you’re going to see more retaliation cases for firms retaliating illegally against whistleblowers. I think there will be a lot of action around the Choice Act and Dodd Frank. I don’t think we’re going to get rid of private fund and hedge fund registration.

I do think they may raise the threshold above $150 million. It’s something even Barney Frank was in favor of. I think that the regulation of retail advisors and broker dealers will defacto go to FINRA simply because the SEC is not going to focus that much on them. I think we can’t forget the state regulators because my experience is whenever the SEC backs off the state regulators show up and I think you’re going to see two to three precedent-setting enforcement actions coming out of the state regulators.

I do think the Choice Act’s provisions increasing the penalty caps that the SEC has when they bring actions I think that will happen. You’ll see an increase in SEC penalty caps. I don’t think the enforcement division is going anywhere. I think you’re going to see more prosecution of individuals, not necessarily firms. Mr. Atkins is a big fan of prosecuting individuals, but not firms because prosecuting firms just hurt shareholders. I do think the idea of outsourcing all non-core functions, including compliance will continue simply because the market is going to continue to volatile.

Finally, as interesting rates go up, I think both firms and regulators will struggle with bond pricing. Those are my predictions for 2017. I’ll let you known next year how they turn out. I am going to stop there and turn it over to the folks at MCO.