In the dynamic landscape of global business, the ability to navigate regulatory change is pivotal for sustained success. As we enter 2024, businesses face a myriad of evolving challenges that demand attention to regulatory shifts. Whilst each industry has its own approach to regulation, and each business will be impacted by these changes to different extents depending on their current policies and practices, the consequences of non-compliance are significant for all.
We outline the significant regulatory developments on the horizon and highlight key changes that all businesses will need to prepare for in the coming year.
Growth in ESG regulation
The EU has been leading the way in this area with a strong focus on sustainability, largely driven by concerns about climate change. Although the UK is no longer part of the EU, its laws still have a considerable influence over our own.
We anticipate that 2024 will see the government come under increased pressure to take steps to achieve its objective to ensure 'the UK remains one of the most transparent, safe and open places for business'.
2024: The year the sanctions regime becomes clear (or not?)
We anticipate that 2024 will be the year that we receive further clarity on sanctions that have been somewhat challenging to understand and apply to date.
Protecting consumers in the age of digital currency
Regulatory regimes for the crypto industry have historically been somewhat limited, with inconsistency across jurisdictions. However, the landscape is evolving with new legislation passed in the UK and the EU in 2023, and more anticipated for 2024.
2024 will see data protection and compliance back in the spotlight, and on the corporate agenda, following the reintroduction of the Data Protection and Digital Information Bill (DPDI) in March 2023.
