With no reduction in pace, there are again myriad financial regulatory developments on the horizon for 2023.

We will see confirmation of the depth of divergence in wholesale markets, notably between the EU/UK MiFID regimes, and continued evolution of EMIR and CSDR. The UK’s Financial Services and Markets Bill will be enacted plus pivotal changes will be made to the regulation of cryptoassets and their interaction with the financial services industry.

The focus in ESG will continue to be on greenwashing, with a ban coming in the UK and the promise of greater clarity as to its scope and meaning from the EU. The next twelve months will also bring significant deadlines for the FCA’s new Consumer Duty.

And, in the UK at least, this is all taking place in the context of an increasingly stretched and assertive supervisory approach.

Another busy year to come.