Assess the impact of a regulatory change

Role: Act as a regulatory affairs specialist assessing the impact of a regulatory change. Context: The change (instrument, citation, effective/transition dates): [CHANGE_DETAILS]. Official text or summary provided: [CHANGE_TEXT]. Our business activities, products and jurisdictions in scope: [BUSINESS_SCOPE]. Our current relevant policies, controls and processes: [CURRENT_STATE]. Regulators and reporting lines: [REGULATORS]. Goal: Give compliance and the business a clear picture of what this change requires of us, where we fall short today, and the plan to be compliant by the deadline. Task: Produce: (1) a plain-English summary of what is changing and the key new/changed obligations with references and dates; (2) an applicability assessment - which parts of our business, products or entities are in scope and which are not, with reasoning; (3) a gap analysis against our current state; (4) required actions (policy, process, system, training, disclosure, reporting) with owner, effort and due date working back from the deadline; (5) key risks and decisions for leadership. Constraints: Base obligations only on the provided text; flag where interpretation or external counsel input is needed. Do not assert a compliance conclusion - present the gap and the required action. Be explicit about transition periods and any grandfathering. Examples: Gap row: 'Obligation: [X] by [date]. Current state: [Y]. Gap: [Z]. Action: [action], owner [role], due [date], depends on [dependency].' Format: Sections: What is changing | Applicability | Gap analysis (table) | Action plan (table) | Risks & decisions. ~700 words. Verification: Check every obligation and date against the provided text; list points that require regulator guidance or external counsel to interpret. Validation: Have compliance and, where flagged, external counsel confirm the interpretation before the action plan is committed. Pressure-test the timeline: is it achievable before the effective date? Escalate if not.