Investors reacted positively to ANZ's Pillar 3 disclosure and trading update yesterday, but the solid rise in the company's share price on Tuesday was not all due to commentary from the bank.Messaging from IOOF acting CEO Renato Mota also helped to top-up ANZ's share price gains after he confidently asserted that the A$1 billion wealth management transaction with ANZ was on track to complete.Mota revealed that IOOF and ANZ were accelerating the integration of the bank's pensions and investments arm, notwithstanding the regulatory investigations into the company's governance record."The ability to structure the economic completion of the P&I business demonstrates a commitment by both parties to the transaction," Mota said."We are in constant and open dialogue with ANZ and are confident that clients' best interests will be served by the transition to IOOF." Mota said that IOOF now held an 82 per cent economic interest in the P&I arm, with the migration of ANZ planners and platforms expected to be completed early next year.IOOF's share price rallied heavily on Mota's comments and a higher-than-expected earnings result, closing up more than 16 per cent.The disclosures about the P&I business also rubbed off on ANZ scrip, which easily outperformed all other listed banks. ANZ's share price closed up 61 cents or 2.2 per cent to 27.35 - its highest level since October last year.If regulators and other stakeholders allow the sale to proceed, IOOF will become the second largest financial advice group in the country and ANZ will have another $1 billion to support future share buyback programs.While there is no doubt that consummation of the deal would be good news for shareholders of both companies, there are still some big hurdles before the parties reach the finish line.Given the regulatory heat that IOOF has earned in the fallout from the Hayne royal commission, it is still not clear whether APRA would be prepared to wave through the transaction.The governance failings alleged to have occurred at IOOF raise serious doubts about the company's culture and its capacity to act in the best interests of advice customers.Mota yesterday highlighted progress the company has made to ensure that its operations and governance structures comply with additional licence conditions imposed by APRA."Ensuring we meet the obligations of our licence conditions remains a key priority in the months ahead," he said."We are committed to bringing resolution to each of the requirements and working to reset our relationship with APRA."But even if the regulator decides that IOOF is fit to acquire ANZ's superannuation business there are several other trapdoors that could easily upend the arrangement.Under the deal, more than 660 financial planners currently employed at ANZ subsidiaries are expected to migrate their reputations and clients over to IOOF.For some or many of these planners that prospect might not amount to good business sense or, more importantly, be in the interests of the clients they advise.If a significant number communicate such concerns to the trustees of ANZ superannuation and retail funds, the deal would stand little chance of