2025年资产管理监管演进研究报告

Igniting growth KPMG. Make the Difference. KPMG Internationalkpmg.com/EAMR Resources KPMG’s global network Globalperspectives Regulatory Insight Centre KPMG Regulatory Horizon KPMG’s new thought leadershippublication explores the implications ofregulation across the global landscape,looking at trends such as the potentialfor deglobalization and further regulatorydivergence, highlighting key areas ofregulatory focus and opportunity. Member firm practices offer specializedservices to a wide range of industryclients at local, national and globallevels. KPMG professionals in Audit,Taxand Advisory are specialists in theirfields and have deep experience in theissues and needs of investmentmanagement businesses. KPMG’s EMA Regulatory Insight Centreprovides pragmatic and insightfulintelligence on regulatorydevelopments. It supports and enablesclients to anticipate and manage theimpact of regulatory change across theUK and EU. Regulatory Horizon is a foundationstone for this year’s edition of theEvolving Asset ManagementRegulationreport. Powered by KPMGtechnology and specialists, RegulatoryHorizon covers a live feed of more than170 sources across 70 broad themesand specific regulations to help clientsshape their regulatory changemanagement processes. Contents Foreword04 About theauthors05Executive summary06Key regulatory milestones around the world0801.Delivering growth and competitiveness1002.Public and private markets2103.Digital innovation and artificial intelligence3304.Protecting investors4305.Firm and system resilience5306.ESG and sustainable finance60How KPMG can help69Report scope and methodology70Acknowledgements71EAMR abbreviations73Contact us74 Foreword Welcome to the 15theditionof KPMG’s annual flagshipEvolving assetmanagement regulationreport, bringing youanalysis of more than 200regulatory developmentsfrom nearly 30 jurisdictionsand global regulatorystandard setters. Amid a challenginggeopolitical environment, sluggisheconomic growth and industr y demands forsimplification, there is a new focus in many jurisdictionson facilitating growth and risk-taking — not justintroducing ever-more requirements. understand the regulatory direction of travel andassociated risks and opportunities. For regulatorychange teams as well as compliance, risk and internalaudit staff it should serve as a useful cross-check ofincoming initiatives to inform implementation andmonitoring activities by providing a broader, globalperspective on key developments. In practice, this means greater regulatory support fornew and innovative products, better facilitation oftechnological developments in a regulated environment,reinvigorating public markets and delivering simplified,more targeted policymaking alongside moreproportionate supervision. Compared with last year’s report, we have observed adramatic shift in many regulators’ priorities. If I were touse one word to describe the implications, it would be“opportunity”.Asset managers should be prepared tomake the most of it while it lasts. Jim SugliaGlobal Head of AssetManagementKPMG International Despite this new dynamic, staying on top of the evolvingasset management regulatory environment remainscritical to maintaining clients’ trust and meetingregulators’ expectations. So once more, we havegathered specialists from KPMG firms around the worldto identify some of the most impactful themes anddevelopments that should serve as inputs into yourstrategic thinking while influencing your regulatoryagendas and change programs. That said, regulators remain mindful of maintainingsufficient focus on their core objectives, particularlythe protection of retail investors, and the orderly andclean functioning of markets.The latter has manifesteditself, in particular, with increased scrutiny on thegrowing private assets industry. You can read more on these topics throughout thisyear’s report. Or contact your local KPMG member firmto talk about your organization’s regulatory position. This report is intended to help asset managementC-suite executives and first-line-of-defense staff to Abouttheauthors Please refer to the Acknowledgments section for details of the many KPMG teams and professionals that have contributed to this year’s report. David CollingtonAsset Management Lead Jim SugliaGlobal Head Asset Management EMA Regulatory Insight CentreSenior Manager, KPMG in the UK KPMG International Jim is the Global Sector Head of Asset Management and also serves as the Leader of the AlternativeInvestments practice in the US. He joined the US firm in 2000 and became a partner in 2004.Throughout this time, Jim has held various leadership positions in the asset management practice,including serving as the Global Advisory industry leader and the US National Sector Leader. Prior tojoining KPMG, Jim held the position of CFO at a boutique private credit firm. David scans the horizon and analyzes incoming regulatory developments that couldimpact on the asset management sector. He