As the world transitions to 2022, the continued COVID pandemic and worldwide inflation pose major challenges for the financial services industry. Even with these headwinds, financial firms are still required to address current and pending regulatory challenges. The end of 2021 saw significant milestones, with the bulk of the major LIBOR currencies and tenors ceasing publication, and the go-live of the SEC’s Security Based Swap Dealer (SBSD) rules and the completion of Phase 5 of the Uncleared Margin Rules (UMR). Major regulations like the Standardized Approach for Counterparty Credit Risk (SA-CCR) and the Anti Money Laundering (AML) Act became effective on January 1, 2022 and will need to be reviewed for initial compliance in the first half of 2022. With a Basel Committee on Banking Supervision (BCBS) target implementation date set for Jan 1, 2023, the Fundamental Review of the Trading Book (FRTB) is expected to be become a major focus between 2022 - 2024. In addition, several emerging regulations will come into sharper focus for financial firms in 2022. Climate Risk, Operational Resilience and Crypto regulation are top agenda items of global regulators and will trigger new requirements will require the close attention of financial services executives and their teams.
As consultants, our ability to exchange knowledge and bring different perspectives gives us the ability to pose different scenarios to our clients. As we continue to support our clients on their regulatory initiatives, we look forward to identifying solutions that leverage our world class capabilities at the intersection of Financial Services Advisory, Change Management and Digital Transformation.
For the latest news, insights, and transition timelines, please visit our Regulatory Advisory page to stay on top of the latest requirements through expert advice and support. You can also download the full 2022 Regulatory Update here.