The current volumeof proposed regulatory change compares to that of the post-Dodd-Frank perlod. In 2023,we expect the impacts to ripple across firms and markets in trans formational 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,capltal markets regulators
developed approaches to emerging technology. outdated rules,and progressive to pics.Most of theactivitywasledbytheSecuritiesandExchange Commission(SEC or Commission),which approved 39 proposals to amend existing or create new regulations. Many of these proposals create new reporting requirements for firms; others will expand the scope of entities required to register with the SEC.Additionally, this ambltious agenda has created a tremendous amount of uncertalnty and risk for certaln firms. Overlap ping implementation timelines and anticip ated legal challenges make it difficult to effectively albcate competing resources.
· Relnwigorated enfarcement:In 2022,the number of
en forcement actions brought against capital markets irmsincreasedby9%,’Regulatorsalsoleanedhearly on existing rules to enforce in areas where new regulations arepending.
· On the regulatory horizon:Desplte the volume of new
initatives undertaken by regulators in 2022,we expect several more toplcs to be on the regulatory horizon in 2023,induding overhauls of firms’digital engagement and cybersecurity practices.
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