It’s time to fix a costly fracture in the global economy.
IFAC (International Federation of Accountants) and Business at the OECD (BIAC) surveyed over 250
regulatory and compliance leaders from major global financial institutions to estimate that a piecemeal approach to financial sector regulation costs the global economy $780 billion USD a year.
What is regulatory divergence? In short: inconsistent regulation between different jurisdictions. It’s an especially big issue in the financial sector where interconnectedness and the free flow of capital is critical. Regulatory divergence can often burden—not benefit—the economies involved.
We believe more effective international regulatory cooperation and harmonization should be a policy-making priority.
IFAC has a strong track record of advocating for smarter regulation that addresses current and future business imperatives. Additional insights from our public policy and regulation experts:
- Patchwork Regulation Threatens Global Growth and Stability
- From Crisis to Confidence: A Call for Consistent, High-Quality Global Regulation
- Build Trust, Inspire Confidence: IFAC's Call to Action by G20 Countries
- From Crisis to Confidence: Good Regulation, Governance and Culture
- From Crisis to Confidence: The Role of Good Regulation
Need more evidence?