Emerging Themes in Financial Regulation
Overview
Welcome to the 2023 edition of our annual Emerging Themes in Financial Regulation & Disputes - a collection of thought leadership and opinion pieces from our team, drawing out the practical impact of legal and regulatory developments we are seeing in the financial services market. We have expanded Emerging Themes’ remit for 2023 so that, in addition to covering developments in financial services regulation, we also comment upon emerging litigation risks in the sector.
Against an unsettling backdrop of high economic and geopolitical uncertainty, this year our theme is “Protecting What’s Important” and we include opinion pieces from our team covering three areas where we see the most complexities arising.
Protecting What’s Important
Stay up to date with the latest Emerging Themes insights
Previous editions of Emerging Themes in Financial Regulation
2020 brought disruption on a previously unimagined scale. As we looked to 2021, it was clear that with the fall-out from the global pandemic, Brexit, and the headwinds of legal and regulatory change, the coming year was to continue to provide challenges - how we responded to those challenges would shape businesses for many years to come. Our theme for Emerging Themes in Financial Regulation 2021 was ‘Building Resilience’, setting out to identify the key changes coming down the track and ways in which the risks arising could successfully be mitigated.
Our overarching theme this year is “Global Regulation, Local Solutions”. More than ever, misconduct can lead to consequences with multiple agencies spanning a range of jurisdictions as well as a range of related authorities. Having global capabilities to manage legal and regulatory risks in each of the main jurisdictions is key, but equally important is recognising the unique approaches and expectations of each relevant authority.
In this publication, members of our global Financial Regulation Group provide personal viewpoints on new and developing financial regulation issues that will be affecting our clients over the year ahead.
Our theme for this year's publication is "new perspectives": more than ever before, our clients are having to view the world from new angles. It is no exaggeration to say that the legal and regulatory landscape that our clients face over the coming months has never been less certain.
What to watch out for in a landmark year for new regulation.
The intense pace of change of financial regulation has been a recurring theme for this publication over recent years, but it is true to say that the UK’s decision to leave the European Union took us into entirely uncharted territory.
The pace of change in financial regulation was fast as ever, yet we also sensed a shift in the dynamic between the regulator and government. There was more talk of the importance of promoting the competitiveness of the UK as a financial market, an objective that was roundly rejected by the Treasury in the aftermath to the 2008 crisis.
Few would have disagreed that a significant improvement was needed in banking standards or that bankers be remunerated in a way that incentivises good behaviour, and reform of the Approved Persons regime was long overdue.
On 7 March 2016, the Senior Managers Regime came into force and there was a huge amount of confusion surrounding the regime. Our guide helps you understand your personal financial regulatory risks and the practical steps you can take to mitigate those risks.
Meet The Team
Partner and Global Practice Co-Leader - Financial Services Disputes and Investigations , St. Louis / Los Angeles
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