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Is global financial and regulatory fragmentation increasing? 

Day 2 Afternoon

Thursday 22 February

Room :



Nadine Wiedermann-Ondrej
Deputy Director General for Financial Market Regulation - Federal Ministry of Finance, Austria
Public Authorities
Richard Knox
Director, Financial Services International - HM Treasury
Jean-Paul Servais
President & Chair of the Board, IOSCO - Financial Services and Markets Authority, Belgium (FSMA)
Industry Representatives
Michael Jefferson
Head of UK Financial Services Public Policy - Amazon Web Services (AWS)
Hideo Kawafune
Chief Executive Officer, SMBC Bank International plc and Managing Executive Officer & Head of EMEA Division, SMBC Group and Chair, Supervisory Board, SMBC Bank EU AG - SMBC Bank International plc
Sadia Ricke
Group Chief Risk Officer - Standard Chartered Bank AG
Markus Ronner
Group Chief Compliance and Governance Officer - UBS Group AG


The topic of fragmentation in financial markets has been receiving more attention from both market participants and policy makers with the increasing reality of fragmentation linked to geo-economics and global tensions and in a context of global challenges ranging from climate change to the rise of disruptive technologies.
The objective of this session is to assess in which areas financial regulatory fragmentation is increasing at the global level – including between the EU and the UK –, the reasons of such divergences and their consequences for global financial institutions. Then, speakers will be invited to express their views on how to address the existing consistency regulatory issues.

Points of discussion

  1. Is financial regulatory fragmentation increasing at the global level and, if so, in which areas (market regulations, sustainable finance, critical third parties risk management regulation in the financial sector, crypto assets, Basel 3 implementation, investment funds and insurance regulations…)? What are the reasons of such divergences (willingness to diverge, time lag…) and their consequences for global financial institutions?
  2. How can the main existing consistency regulatory issues be solved? What are the main priorities and next steps to solve the existing issues?