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.

Digital and sustainable finance: the new policy pillars:

  • Regulators continue to monitor risks arising from pandemic impacts, and the approach to cross-border issues is changing and developing — see Balancing risks and open markets.
  • However, regulatory focus is increasingly shifting to digital innovation and sustainable finance.
  • Central banks are experimenting with and investigating central bank digital currencies (CBDCs), while regulators are sceptical of the value of crypto-assets — see More on CBDCs and crypto-assets.
  • Regulators are trying to keep pace with technological innovation in the financial sector, adapting frameworks to ensure new risks are managed, including those brought by large technology firms — see Responding to digital innovation.
  • Regulation of retail financial services is under review to encourage a greater volume of retail investment to aid economic recovery, while still retaining and bringing consistency to investor protection rules across sectors — see Reviewing retail markets.
  • The last quarter has seen a plethora of developments in the regulation of sustainable finance, as regulators respond to public policy pressures — see Sustainability regulation spreads.



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