78% of financial institution leaders consider burdensome regulation as the most significant force that will shape the overall market landscape over the next three years, according to a new report.
The Next Organization, a global survey of 197 leaders from the financial services sector, found that over 6 in 10 financial services leaders are concerned that their organizations are at risk of obsolescence due to too-slow transformation. The report also found that over 70% of financial services leaders believe that their organizations will only achieve future growth if they can anticipate new legislation and adapt quickly to regulatory changes, but many are overwhelmed by the pace of change.
At the same time, 67% of financial institution leaders and 66% of investment firm leaders say the unpredictable regulatory environment will help to drive business forward in the long term, indicating that regulatory uncertainty can also present opportunities for innovation and growth.
Jeff Taft, co-leader of Mayer Brown's Financial Services practice in Washington DC, said: "The market for financial services today is highly competitive. For enterprising businesses looking to differentiate their products and services from that of their competitors, an understanding of the rapidly changing regulatory environment can provide them with a first-mover advantage. An unwillingness or inability to act in times of regulatory uncertainty or to embrace change may result in missed opportunities for accelerating growth and transforming the business. This interplay between regulation, finance, and growth is crucial."
Visit us at mayerbrown.com
Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the "Mayer Brown Practices"). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC ("PKWN") is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. "Mayer Brown" and the Mayer Brown logo are the trademarks of Mayer Brown.
© Copyright 2024. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.