Interview

The Cumulative Effect of Regulation: A Conversation with Kajsa Stenström

How corporate public affairs must adapt to overlapping EU mandates, antitrust shifts, and the upcoming Biotech Act.

By Aida Iordache · October 5, 2026

Featuring Kajsa Stenström, Managing Director of Stenström Consulting

As Brussels accelerates its regulatory enforcement across digital, environmental, and healthcare frameworks, navigating the EU policy landscape has become increasingly complex for international industries. To break down these shifting dynamics, The Gazette sat down with Kajsa Stenström, Managing Director of Stenström Consulting - a premier Brussels-based strategic advisory specializing in financial services, digital policy, and life sciences. In this exclusive conversation, we explore the cumulative impact of overlapping EU mandates, the upcoming Biotech Act, and the urgent need for cross-sectoral corporate advocacy.

With Brussels accelerating mandates on digital finance, open banking, and cybersecurity frameworks, what do you see as the biggest compliance or strategic challenge for financial institutions trying to adapt to these overlapping regulations this year?

Kajsa Stenström: From our perspective at Stenström Consulting, the biggest challenge is the cumulative effect of regulation rather than any single piece of legislation. Financial institutions are having to navigate digital finance, new data rules, AI, cybersecurity, consumer protection, and other requirements simultaneously. In addition, different implementation timelines and supervisory expectations apply. Compliance teams struggle to understand how the different provisions interact. This is ironic as the EU increasingly focuses on simplification and competitiveness... The reality is that firms need to prepare for compliance, while trying not to spend too much of their money where there is regulatory overlap.

The ongoing discussions surrounding the revision of the EU Pharmaceutical Legislation are reshaping the healthcare sector. How can life sciences companies effectively bridge the gap between commercial innovation and the EU’s strict health equity goals?

Kajsa Stenström: The most pressing piece is the EU Biotech Act, coupled with the reforms under the Capital Markets rules. Europe needs to maintain the incentives to develop and invest in the next generation of treatments. This means making the link between health innovation, access, investment, and European competitiveness much more clearly. The debate is about whether innovative companies can finance, scale, conduct clinical development, and ultimately remain in Europe, for their benefit but also for that of patients.

As policy files become increasingly cross-sectoral - where digital rules heavily impact both finance and healthcare - how must corporate public affairs strategies adapt to ensure businesses are proactive rather than reactive in Brussels?

Kajsa Stenström: As a general rule, I would say that public affairs cannot operate file by file. Digital policy affects healthcare, financial regulation affects investment in innovation, and competitiveness considerations increasingly run through almost every major EU initiative. Businesses therefore need to anticipate where policy agendas will intersect, rather than responding once a specific legislative proposal has been tabled. That also means engaging beyond the traditional sectoral stakeholders, building broader coalitions, and - always - bringing concrete evidence and solutions into the debate. The most effective public affairs strategies in Brussels connect a company’s immediate concerns to the EU’s wider political priorities.

This interview is part of The Gazette's Special Autumn Report on EU Regulatory Compliance and Strategic Advocacy. We thank Kajsa Stenström and the team at Stenström Consulting for their time and insights.