Irish businesses in the financial services sector are bracing for the impact of sweeping US regulatory changes, with more than nine in ten (93%) organisations expecting Irish firms to feel the effects.
A significant majority, 68%, say they are concerned about how these new rules will play out, according to a recent survey by the Compliance Institute, Ireland’s leading body for compliance professionals.
Polling around 110 experts working across financial services firms nationwide, the survey offers a snapshot of a sector increasingly alert to the implications of international regulatory shifts.
The findings come at a tense moment, with the August 1 deadline for the introduction of US tariffs on nearly all EU goods fast approaching.
While 19% of respondents expect US regulatory changes to have a major impact, 46% foresee at least some effect.
A further 28% anticipate only a minor impact, and three in ten say they are not concerned at all.
However, over a fifth of respondents express deep concern about the changes implemented since President Donald Trump’s re-election, with nearly half stating they are at least somewhat uneasy.
Michael Kavanagh, CEO of the Compliance Institute, said that growing apprehension among Irish financial firms is well-founded.
"The significant shifts in US trade policy since US President Donald Trump was re-elected have sparked concerns and uncertainty worldwide, including in Ireland, with both the Central Bank of Ireland and the Economic and Social Research Institute (ESRI) recently warning about the risks these changes pose to the Irish economy.
“This is all borne out by the results of our survey, which found that an overwhelming majority (93%) of Irish financial services organisations expect the sweeping regulatory changes emanating from the US to have an impact on Irish firms.”
Kavanagh noted that tariffs introduced and threatened by the Trump administration have already caused market disruptions, driven up costs, and weakened global supply chains.
Ireland’s strong export relationship with the US makes it particularly vulnerable to these pressures.
He also highlighted the risk of oversupply in Europe if US policies push excess goods into the EU market, increasing competition and potentially driving down prices for Irish firms.
Beyond tariffs, the broader deregulatory push from Washington poses further risks.
The Trump administration’s stance on reducing federal regulations and tightening immigration controls is creating a policy environment marked by uncertainty. This instability could dampen global investment confidence and economic growth.
While Irish firms are clearly focused on US developments, the survey also explored perceptions of the EU’s regulatory direction.
Six in ten believe the EU is entering a phase of easing, following recent reforms to sustainability and data protection rules.
However, many still view the EU as more tightly regulated than the US.
Kavanagh noted that while effective regulation is necessary, a lighter touch could relieve pressure on compliance teams and boost growth across the Irish and European economies.
*This article was originally published on BusinessPlus.ie.
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