February 2021

KPMG Regulatory Horizons is a quarterly publication from KPMG's EMA Financial Services Regulatory Insight Centre (RIC), with forward-looking insights and commentary on financial services regulation from the perspective of the EMA region. 

Towards sustainable and resilient recovery

Regulatory work programmes retain pre-pandemic priorities, but those priorities are viewed from a new perspective. Systemic risks, financial stability and consumer protection remain on the agenda and are joined by a new priority – recovery.

In this issue of we look at how regulators are advancing their sustainable and digital finance agendas, while seeking to tackle the longer-term impacts of the pandemic. With limited mention of financial services in the EU-UK Trade and Cooperation agreement, we consider the post-transition impact on financial services; and how regulators are refining the capital markets framework. With most LIBORs to cease end-2021, we give an update on the latest announcements clarifying the timetable for transition from LIBOR. And include a prudential update covering bank distributions, bad loans and Basel 4.

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