ESG tops regulatory demands in finance as UK, EU rules diverge - KPMG
The first update of KPMG's biannual measure of upcoming regulatory demands on finance rose slightly to 7, on a scale of 1 to 10, from 6.9 at its launch last October, as sustainability disclosure requirements and related rules on data, ratings, product labels and carbon markets are rolled out or due to be proposed in the EU and Britain.
Tougher resilience requirements come second as regulators apply lessons from the COVID-19 crisis, cyber attacks, glitches at external tech suppliers and the impact of Russia's invasion of Ukraine on energy markets.The, which reopen 43 sets of rules inherited from the EU to help the City of London remain globally competitive post-Brexit, create significant potential for further divergence, KPMG said.
Being aligned with EU rules would be a pre-condition for Britain if it wanted to regain access to the bloc's financial market. Britain has said it wants to tailor some rules inherited from the EU to better fit into UK markets, while maintaining high international standards.
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