From sweeping reforms in operational resilience and AI governance to the first-time application of AML obligations to buy-side firms, the scope and depth of regulatory change shows no sign of slowing down in 2025., The FDIC released an updated set of Frequently Asked Questions describing changes to its expectations for the initial resolution planning submissions by insured depository institutions (IDIs) under the FDIC’s June 2024 final rule (see KPMG Regulatory here)., The FSB has called for countries to progress reforms designed to address threats to financial stability from NBFIs and intends to publish proposals to address “leverage-related vulnerabilities” in NBFIs by the end of 2024.46 The European Commission recently sought views on the effectiveness of the current regulatory framework for NBFIs and , The first quarter of 2025 has brought significant changes in global financial regulation as governments and regulatory bodies adapt to developing market conditions, technological advancements, and emerging risks., The current international financial architecture is a key reason that the UN Sustainable Development Goals are failing. A landmark conference in Spain must make progress in reforming it., Ongoing regulatory focus on demonstrable financial capabilities and risk management inclusive of the ability to withstand both "shocks" as well as longer-term change (e.g., interest rate risk management, weather/climate-related events, supply chain disruptions) will continue to evolve in 2025..