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| Up to 60 announcements each working day; total set to rise again in 2012 |
London, Feb 1, 2012 - (ACN Newswire) - Companies around the world struggled to keep abreast of 14,215 regulatory announcements in 2011 - approximately 60 announcements per working day. What's more, the level of announcements looks set to rise again in 2012 as companies prepare for more rule making, including the bulk of Dodd-Frank, says Thomson Reuters Governance, Risk & Compliance (accelus.thomsonreuters.com).
Regulators around the world announced 14,215 changes in 2011, a 16 percent increase from the 12,179 announcements in 2010. The volume of announcements, which can include anything from a speech which may signal the direction of a new regulation to a final binding rule, has grown continuously since 2008 when regulators issued 8,704 changes.
In addition, the report cautions that the pace of activity in 2011 is likely to continue in 2012 as compliance professionals look set to deal with a wave of new rule making associated with regulatory reforms, in particular the Dodd-Frank Act. The report's authors estimate that up to 80 percent of Dodd-Frank rule making is yet to be completed, and that when final rules do begin to come out firms will, in many cases, be forced to scramble to implement several major new rules simultaneously.
"Our analysis illustrates the magnitude of the challenge facing businesses globally and the need for them to keep abreast of what is going on in each and every market in which they operate," said Scott McCleskey, global head of financial services regulation, Thomson Reuters GRC. "This growth in activity also has an effect on the level of compliance spending, which is bound to rise, leaving less to lend, invest, and do the other core activities which will be necessary to revive the global economy."
The report shows that the majority of regulatory activity, 57 percent, came from the U.S., while the U.K. and Europe made up 22 percent and Asia accounted for 15 percent. Separately, while the Financial Services Authority (FSA) and Securities and Exchange Commission (SEC) were the most active regulators in 2011, the major regulators in the U.S., U.K., Australia and Hong Kong accounted for just 20 percent of overall activity last year. According to McCleskey, companies focusing solely on the major regulators run the risk of missing important changes from other sources.
The report, State of Regulatory Reform 2012, provides an essential summary for compliance professionals of key regulatory developments, including Dodd-Frank and Foreign Corrupt Practices Act in the U.S., U.K. Bribery Act and key developments in the Middle East and Asia. It identifies global "hot spots" and key regulatory reforms that will be taking effect in 2012 and beyond.
A copy of the report can be downloaded at: http://accelus.thomsonreuters.com/content/special-report-state-regulatory-reform
Thomson Reuters Governance, Risk & Compliance
Through the Thomson Reuters Accelus suite of products, the Governance, Risk & Compliance business dynamically connects business transactions, strategy and operations to the ever-changing regulatory environment, providing highly regulated firms with informed outcomes.
Thomson Reuters Accelus is a comprehensive suite of solutions specifically built to address the governance, risk and compliance challenges faced by the boardroom, and its legal, compliance, audit and risk management professionals. Comprising leading solutions provided by the heritage businesses of Complinet, Oden(R), Paisley(R), West's Capitol Watch(R), World-Check, Westlaw Compliance Advisor(R), Westlaw Business and EDGARfilings, Thomson Reuters Accelus helps customers manage their risk exposure and accelerate their business at every step.
For more information, visit accelus.thomsonreuters.com.
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. For more information, go to http://thomsonreuters.com .
CONTACT
Paul Sandell
+44 (0) 207 393 7386
paul.sandell@thomsonreuters.com
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Source: Thomson Reuters Corporation via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Press release summary
Source: Thomson Reuters
https://www.acnnewswire.com
From the Asia Corporate News Network
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