德勤：2023年资本市场监管展望报告（英文版）（16页）.pdf

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1、2023 capital markets regulatory outlookCENTER forREGULATORY STRATEGYAMERICAS2023 capital markets regulatory outlook2ContentsIntroduction1Regulatory churn 3T+1 Amendments to the definition of broker-dealer Best execution Market structure proposals Reinvigorated enforcement 7Electronic Communications

2、Reg S-P and Reg S-ID actions Digital assets The regulatory horizon 10Electronic recordkeeping Branch office inspections Complex products Looking forward 11Endnotes12Contacts132023 capital markets regulatory outlook1The current volume of proposed regulatory change compares to that of the postDodd-Fra

3、nk period.In 2023,we expect the impacts to ripple across firms and markets in transformational and hard-to-predict ways.We identify three themes that firms may want to consider as they assess the sweeping impacts of this agenda on their business:Regulatory churn:In 2022,capital markets regulatorsdev

4、eloped approaches to emerging technology,outdated rules,and progressive topics.Most ofthe activity was led by the Securities and ExchangeCommission(SEC or Commission),which approved 39proposals to amend existing or create new regulations.Many of these proposals create new reportingrequirements for f

5、irms;others will expand the scope ofentities required to register with the SEC.Additionally,this ambitious agenda has created a tremendousamount of uncertainty and risk for certain firms.Overlapping implementation timelines and anticipatedlegal challenges make it difficult to effectively allocatecom

6、peting resources.Reinvigorated enforcement:In 2022,the number ofenforcement actions brought against capital marketsfirms increased by 9%.1 Regulators also leaned heavilyon existing rules to enforce in areas where newregulations are pending.On the regulatory horizon:Despite the volume of newinitiativ