The past month brought us several reminders that regulation is often the art of the possible – two of them from the UK and one from the US market. Taking the UK cases first, we have seen a note from the PRA on some of the contentious points in Solvency II and a consultation from the UK Treasury on the directive’s volatility adjustment. The PRA might like to have been clearer. The Treasury would probably have preferred to be tougher. In both instances, outside factors have constrained them.