RegTech Insight ESG The latest content from across the platform
Industry Group Recommends Rigorous Regulatory Overhaul Post-Brexit
A new report from the International Regulatory Strategy Group (IRSG), supported by Linklaters and industry body TheCityUK, has issued a stark warning on the risks and challenges that the UK’s financial architecture will face in terms of regulatory oversight following its departure from the EU. The International Regulatory Strategy Group (IRSG) is a practitioner-led group…
Trade Associations Demand Reporting Changes Ahead of MiFID II Review
The European Forum of Securities Associations (EFSA), in conjunction with members from Spain, France, Italy, Belgium, Germany, Denmark, Poland, and Sweden, this week released an open letter calling for a number of changes to be considered as priorities in any upcoming review of MiFID II by the EU authorities. “There are some areas… which need…
Are You Keeping Up With The Regulator?
By Dr Bimal Roy Bhanu, Group CEO at Ai XPRT. Not many things in life are certain, but in the financial services industry it’s obvious to all participants that regulators are continually tightening the national and international governance, risk and compliance requirements. The ultimate aim for firms in 2020 is to stay one step ahead…
No Grace Period For Reg BI Compliance
For US-regulated firms affected by the upcoming Regulation Best Interest (Reg BI) and concurrent Customer Relationship Summary (Form CRS), due to come into force on June 30, 2020, the pressure is on to comply – and it is looking as if the regulator has no plans to go easy on its targets. The 2020 Examination…
UK Regulators Unveil Ambitious New Dynamic Data Strategy
The UK’s Financial Conduct Authority (FCA) and the Bank of England last week revealed bold new plans to drastically boost their data and analytics capability, using advanced analytics and automation techniques to deepen their understanding of how markets function and to efficiently predict, monitor and respond to firm and market issues. Alongside investment in new…
FSB To Focus on RegTech in 2020
International financial services regulator the Financial Stability Board (FSB) has made a commitment to address the use of RegTech and SupTech (supervisory technology) in its 2020 work programme, released this week. The watchdog will continue to monitor financial innovation developments and assess their potential implications for financial stability. Complementing the recent report on BigTech in…
Expert Group Urges EU Regulatory Reform to Encourage Fintech Innovation
The European Commission Expert Group on Regulatory Obstacles to Financial Innovation has published its long-awaited report on how to improve and strengthen the regional FinTech landscape and encourage greater investment and innovation, along with ending regulatory fragmentation and establishing a more robust regulatory framework. Made up of industry experts, financial institutions, academics and lawyers,…
Industry Demands Clarity Over 5AML
With less than a month to go before the fifth EU anti-money-laundering (5AML) rule comes into force, serious concerns are being raised regarding the lack of direction from the UK Government – with no final regulation yet transposed into national law. In an open letter to the Chancellor of the Exchequer, SmartSearch CEO John Dobson…
FSB Weighs In On Risks Inherent In Cloud Adoption For Financial Service
The rapid adoption of cloud computing and data services by financial institutions could raise new implications for financial stability, warns global regulatory body the Financial Stability Board (FSB) – including a lack of transparency when it comes to legal and regulatory compliance. A new report from the FSB released this week highlights potential issues for…
SMCR Now Underway – But Are Firms Ready?
Yesterday the Senior Managers and Certification Regime came into force for the asset management industry, bringing into the fold the remaining 47,000 FCA-regulated firms who must now start performing additional checks, providing formal statements and submitting data on appointed managers. But with some uncertainty around how strict the regulator will be in its approach to…