Quarterly regulation outlook reports compile 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.
Regulation outlook 3Q24
Available in: English - Spanish
In Q3 2024, the Basel Committee introduced 12 new principles for managing third-party risk. The European Banking Authority (EBA) began consultations for the 2025 stress test, while the European Supervisory Authorities (ESAs) released new DORA mandates. The ECB published a draft guide on governance, and the UK’s Prudential Regulation Authority (PRA) advanced Basel 3.1 regulations. In the US, final rules on anti-money laundering were issued.
Regulation Outlook 3Q24
Regulation outlook 2Q24
Available in: English - Spanish
In the second quarter of 2024, the IASB published IFRS 18 and 19. In Europe, EIOPA launched a stress test for insurers, the Banking Package (CRR III / CRD VI), the CSDDD and a legislative package on AML and CFT were approved. In the UK and US there were also relevant regulatory developments, including advances in AI regulation.
Regulation outlook 1Q24
Available in: English - Spanish
In the first quarter of 2024, the European Council approved the Instant Payments Regulation and entered the home stretch to adopt the AI Act. The European Central Bank (ECB) published an updated Guide to Internal Models and the Fed released its 2024 stress test scenarios for determining whether large banks in the US are adequately capitalized. As for other countries, of note was the Chilean regulation introducing a standardized methodology for the calculation of expected losses for consumer.
Regulation outlook 4Q23
Available in: English - Spanish
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 3Q23
Available in: English - Spanish
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.
Regulation outlook 2Q23
Available in: English - Spanish
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.
Regulation outlook 1Q23
Available in: English - Spanish
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.
Regulation outlook 4Q22
Available in: English - Spanish
The fourth quarter brought the publication of two key European regulations for the sector: CSRD, which will promote customer sustainability information available to institutions, and DORA, which aims to ensure digital operational resilience. The ECB set digitalisation, climate change and operational resilience as supervisory priorities 2023-2025 and the PRA, following the European lead, published its proposal for "BIS IV".
Regulation outlook 3Q22
Available in: English - Spanish
Of particular relevance in this period was the publication of the stress test methodologies for the 2023 financial year, both by the European Banking Authority (EBA) and the Bank of England (BoE). In addition, the Financial Conduct Authority's (FCA) Consumer Duty and EIOPA's Guidance on assessing the materiality of climate change in ORSA are of particular relevance.
Regulation outlook 2Q22
Available in: English - Spanish
In the second quarter of 2022, data related publications stand out, in particular the EU Data Governance Act, as well as the draft Data Privacy and Protection Act Draft Legislation in the USA. Several ESG publications also featured in the quarter, such as the results of the first UK climate stress test or the new disclosure rules for investment advisers and investment companies in the US
Regulation outlook 1Q22
Available in: English - Spanish
In the first quarter of 2022, at the European level, the publication by the European Banking Authority (EBA) of the final draft Pillar 3 on ESG risks and the proposed Directive on Corporate Sustainability Due Diligence of the European Commission (EC) are noteworthy. Additionally, in the United States, the new rules on cybersecurity risk management and climate disclosure published by the Securities and Exchange Commission (SEC) are relevant.
Regulation outlook 4Q21
Available in: English - Spanish
In the fourth quarter of 2021, at the European level, it stands out the publication of the European Commission (EC) of the banking package, which is the last phase of the final implementation of Basel III in the European Union (EU) and consists of several proposals that introduce changes in CRR and CRD. Also noteworthy is the publication by the European Central Bank (ECB) of the climate risk stress test methodology and the publication by the European Banking Authority (EBA) of the monitoring report on the application of IFRS 9 by EU institutions.
Regulation outlook 3Q21
Available in: English - Spanish
In the third quarter of 2021, at the European level, the publication of the European Commission (EC) Delegated Act supplementing the Taxonomy is noteworthy, as well as the European Parliament (EP) and Council Regulation establishing the framework for achieving climate neutrality. At the local level, the draft Circular to financial credit institutions on liquidity, prudential rules and reporting obligations of the Bank of Spain (BoS) stands out.
Regulation outlook 2Q21
Available in: English - Spanish
In the second quarter of 2021, climate risk is one of the main protagonists in the publications of the main organisations at all levels (global, European and local). Also noteworthy is the publication of the TRIM results by the European Central Bank (ECB) and that the European Insurance and Occupational Pensions Authority (EIOPA) has launched the 2021 stress test.
Regulation outlook 1Q21
Available in: English - Spanish
During the first quarter of 2021, the publication of the European Central Bank (ECB) on the Outcome of its 2020 Supervisory Review and Evaluation Process (SREP) stands out. For its part, the European Banking Authority (EBA) has launched the 2021 EU-wide stress test and it has published a Consultation Paper (CP) on draft implementing technical standards (ITS) on Pillar 3 disclosures on environmental, social and governance risks (ESG).
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.
