The regulatory landscapes of the European Union (EU) and the United Kingdom (UK) continue to evolve at a breathtaking pace as post-Brexit divergence becomes ever more apparent. While the trajectories of their respective regulatory frameworks sometimes remain aligned or operate in parallel, they are gradually being directed along separate paths
Regulatory compliance
For businesses aiming to operate both in EU jurisdictions and in the UK, this presents a series of challenges, most notably the heavier burden of regulatory compliance across a range of sectors, such as data protection, competition, environmental, social and governance (ESG).
The problem is not new. Before Brexit, financial services were among the first businesses to feel the pressure. European banks were
“swamped by regulation” and “drowning in data” as they struggled to manage a “multi-year transition” involving a host of strategic and operational challenges.
It sounds all too familiar. Today, banks, financial firms and tech companies are still facing the same problems but on a much bigger scale. This is especially true in regulated sectors. Challenges have grown to include regulatory complexity and uncertainty in complying with myriad new rules and reporting requirements, managing multiple national regulators, the surging cost of regulatory implementation and compliance and an enormous data overload.