2025年上半年因经济与地缘政治动荡而备受冲击的金融市场在下半年恢复了平静。然而，正如国际货币基金组织在最新《金融稳定报告》中所指出，"平 静之下暗流涌动"，未来仍可能面临进一步的挑战。监管机构需保持高度警惕，同时努力减少金融机构面临的繁文缛节和不必要的负担，以促进经济增长 与竞争力。 毕马威近期发布的《全球视野——金融监管新动向与风险展望》报告，深入分析了全球金融监管的最新动态及其对金融机构的影响。本文将为您解读报告 核心内容，帮助您快速掌握未来金融监管的趋势与挑战。 去监管化vs简化监管要求 面对持续严峻的市场环境，各国监管机构正承受着巨大的政治压力，亟需审视金融监管对经济增长的影响。过去一年，美国转向更激进的去监管化政策， 而英国和欧盟则采取了更为审慎的"简化式监管"。英欧两地监管机构普遍不愿轻易放松关键风险防护措施。 人工智能的影响 去全球化 基于国际标准的全球规则趋同正逐渐让位于各地监管实践的分化与碎片化。据世界经济论坛估计，地缘经济碎片化可能导致全球GDP损失约5%，国际标 准减弱是其中一个因素。 数字资产监管 随着数字资产逐步融入主流金融体系，监管机构正为加密活动制定监管框架，并为传统金融机构和 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The financial services industry is facing significant regulatory changes driven by geopolitical tensions, economic pressures, and the rapid evolution of technology, particularly in areas like artificial intelligence and digital assets [6][21][22]. - Regulatory bodies are under pressure to balance economic growth with the need for robust risk management and governance frameworks, leading to a trend towards regulatory simplification rather than outright deregulation [9][19]. - The fragmentation of global regulatory standards is becoming more pronounced, with different jurisdictions adopting varying approaches to regulation, particularly in the context of digital assets and sustainability [9][22][36]. Summary by Sections Global Overview - Financial markets experienced turbulence in early 2025 but stabilized later in the year, although underlying risks remain [6]. - Regulatory agencies are tasked with simplifying rules while monitoring emerging risks that could have systemic implications [6][9]. Regulatory Evolution - The adoption of artificial intelligence in financial services is accelerating, with 71% of CEOs identifying it as a primary investment focus, up from 53% in 2024 [12]. - Regulatory frameworks for digital assets are being established, with various jurisdictions developing their own guidelines, leading to a patchwork of regulations [9][36]. AI and Innovation - AI is expected to enhance the quality and inclusiveness of financial services, but it also presents challenges such as bias, opacity, and governance gaps [14][18]. - Regulatory sandboxes are being expanded to allow for the testing of AI solutions in a controlled environment, fostering innovation while managing risks [16][17]. Regional Focus: Europe and UK - The EU and UK are focusing on simplifying existing regulations rather than deregulating, with an emphasis on maintaining financial and operational resilience [22][23]. - The UK and EU are also addressing retail investment development, with the EU formulating a retail investment strategy and the UK implementing targeted support measures [9][19]. Regional Focus: US - The new US administration has issued over 200 executive orders focusing on cybersecurity, financial resilience, and digital finance leadership, indicating a shift in regulatory priorities [32][33]. - There is a trend towards customizing regulations for smaller institutions while potentially easing requirements for larger banks [34]. Regional Focus: Asia-Pacific - The Asia-Pacific region is characterized by diverse regulatory requirements, with a focus on prudential regulation, behavioral regulation, and the integration of digital assets [40][41]. - Regulatory bodies are enhancing scrutiny on cybersecurity and operational resilience, particularly for firms involved in digital asset ecosystems [42][43].