The current volume of proposed regulatory change compares to that of the post-Dodd-Frank perlod.In 2023,we expect the imp acts to ripple across firms and markets intransformational and hard-to-predict ways.We identify three themes that firms may want to consider as they assess the sweeping impacts of this agenda on their business:
·Regulatory churn:In 2022,capital markets regulators
developed approaches to emergingtechnology, outdated rules,and progressive topics.Most of the activity was led by the Securities and Exchange Commission (SECor Commission),which approved 39 proposals to amend existing or create new regulations. Many of these proposals create new reporting requirements for firms others willexpand the scope of entities required to register with the SEC.Additionally, this ambitious agenda has created a tremendous amount of uncertainty and risk for certain firms. Overlappingimplementation timelines and anticipated legal challenges make it difficult to effectively allocate competing resources.
·Reinvigorated enforcement:In2022,the number of enforcement actlons brought against capital markets firms increased by 9%.1 Regulators also leaned heavily on existing rules to enforce in areas where new regulations are pending.
·Ontheregulatoryhorizor:Despitethevolumeofnew
initiatives undertaken by regulators in 2022, we expect several more topics to be on the regulatory horizon in 2023,induding overhauls of firms’ digital engagement and cybersecurity practices.
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