Quarterly regulation outlook reports compiles regulatory developments issued by global regulators (BCBS, FSB), supranational ones (with a focus on Europe), and some local geographies (USA, UK, Spain) for the quarter, and anticipate major changes in regulations for the following quarter, the following year, or on the longer term.
They are structured as follows: executive summary, which contains references to the most important regulatory changes for the period; forthcoming publications, providing details of documents that will be published during the next quarter, next year and in the longer term; and the body of the report, made up of a collection of summaries of relevant publications for the quarter.
Latest Quarterly regulatory reports released.
The last quarter of 2023 was particularly fruitful in terms of new regulatory developments and reviews of the level of implementation of key standards such as RDA&RR and IFRS 9. A general momentum in sustainability is observed at global, European and local levels. On the technological front, it highlights the development of guides and standards for cryptoassets and digital operational resilience at a global and European level. The White House issued an Executive Order on the Safe Secure, and Trustworthy Development and Use of AI. There were also regulatory developments in capital and liquidity in Brazil, Colombia, Peru and Chile, both in terms of adjusting requirements and advancing the self-assessment of capital and liquidity.
Regulation Outlook 4Q23
Highlights this quarter include several publications on sustainability, technology and capital-related issues, such as the European Central Bank’s (ECB) Guide on effective risk data aggregation and risk reporting (RDARR) at European level, the Financial Conduct Authority’s (FCA) new ESG code of conduct in the UK, the Basel III Endgame proposal in the US and the Law on Artificial Intelligence in Peru.
In Europe, several publications focused on sustainability and technology stand out, such as the Environmental Taxonomy, the Markets in Crypto-assets Regulation (MiCA) and the public consultation on Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for Digital Operational Resilience Act (DORA). At local level, in the same line, the Draft Bill transposing the Corporate Sustainability Reporting Directive (CSRD) in Spain and USA guidelines on third party risk management were published.
In terms of regulatory developments, of note this quarter was the publication of the EBA's proposal to amend IRRBB reporting requirements. Also noteworthy at the national level were, in Spain, the Draft Law on Securities Markets and Investment Services, and in the US, the publication of the methodology for the first Pilot Climate Scenario Analysis Exercise and the proposed amendments to cybersecurity-related rules.
Regulatory news for the current quarter can be found in the Regulatory Alerts for the Quarter section, , while regulatory news from previous years can be found on the Annual Regulatory reports section.
Macroeconomic outlook reports