ACCA is supporting the findings of a must-read new study from IFAC and Business at OECD (BIAC) called Regulatory Divergence: Costs, Risks, Impacts: An International Financial Sector Study.
The study says that fragmentation in global financial regulation costs more than USD $780 billion annually, and looks at regulatory divergence by taking the pulse of more than 250 regulatory and compliance leaders from major global financial institutions.
The findings reinforce the impact of fragmented regulation - from tangible economic costs, financial risks and barriers to economic growth. It also offers recommendations for the future in what the report calls “actionable steps to curb the impacts of financial regulatory divergence” – from “aligning regulatory definitions to enhancing transparency in rule making, monitoring, and enforcement processes.”
Sundeep Takwani, director – regulation at ACCA says: ‘We wholeheartedly back the Business at OECD (BIAC) and IFAC’s calls to enhance international cooperation among regulators, increase overall alignment in regulation, and ensure clarity in international rule-setting to repair regulatory fragmentation.’
‘ACCA believes that adherence to global standards and regulations best serve the public interest and in the promotion of sustainable global business practices.
‘For ACCA, standards and regulation must be about delivering public value and work in the public interest, without being onerous for business. This is an insightful report for CFOs and risk managers, but it’s also relevant to the global profession as a whole.’
Full press release
Full report
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