Financial Regulation Horizon Report 2020

Whilst Brexit has impacted, if not dominated, much of the regulatory agenda for 2019, it has not resulted in regulatory paralysis. Brexit uncertainty still hangs over the horizon, but firms in the financial sector also need to remain responsive to a wide range of developing areas, from sustainable finance, fintech, LIBOR reform, and operational resilience to significant changes to regulatory capital and remuneration requirements.

As some of the key regulatory changes of recent years (such as MiFID II and MAR) are becoming “business as usual”, regulators are clarifying their expectations and turning their supervisory (and likely enforcement) focus on compliance. Amendments to some key pieces of financial services legislation are also on the cards for 2020, and some could have far-reaching impacts.

Senior managers have a good reason to keep a watchful eye, with the extension of SMCR to nearly all regulated firms now complete. 2020 will see firms bedding down their practices in this area and may be the year in which the FCA shows its enforcement teeth in respect of failures by individuals to fulfill their managerial and oversight functions.

In our Financial Regulation Horizon Report 2020, we examine what is on the financial regulatory horizon for the year ahead. We cover the following topics:


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