RegTech Insight ESG The latest content from across the platform
NICE Actimize Launches New Regulation BI Solution
On June 5, 2019 the US Securities and Exchange Commission (SEC) voted to approve the new Regulation Best Interest (BI), imposing rigorous new requirements to ensure firms are transparent and act in their clients’ best interest. Due to come into force on June 30, 2020, the new rule substantially upgrades existing suitability regulations to raise…
SEC Updates Regulatory Disclosure Requirements
The US Securities and Exchange Commission (SEC) has voted to propose rule amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make to ‘Regulation S-K’ – a US regulation that lays out reporting requirements for public companies. The proposed amendments are intended to update the rules…
The FCA’s Warning on Operational Resilience
By Paul Roberts, CEO, Milestone Group. The FCA annual report is out and it’s not just Brexit under the microscope. As expected, operational resilience continues to be an area of concern, building on the issues raised in their business plan of 2019/2020 in April. It’s clearly an area they feel deserves more attention. And it’s…
Why Boris’ Stamp Duty Axe is Irrelevant with an EU FTT Just Around the Corner
By Daniel Carpenter, Head of Regulation at Meritsoft (a Cognizant company). The race to become Conservative Party leader, and thus Prime Minister, enters into its final stretch, policy ideas are inevitably being thrown around like confetti. As a classic case in point, Boris Johnson has recently pledged to scrap the UK’s Stamp Duty tax, which…
EMIR and MiFID Transaction Reporting Challenges Continue to Trouble Firms and Regulators
Data quality is proving to be an enduring albatross around the necks of financial institutions that must comply with EU reporting rules under MiFID II and EMIR. A recent disclosure by the European Securities and Markets Authority (ESMA) shows that matching rates remain poor for derivatives transactions reported under the European Markets and Infrastructure Regulation…
FCA Seeks Industry Input on How to Handle Regulatory Data
The UK’s financial watchdog has issued a call to regulated firms to provide feedback on how best to collect and process regulatory data, as part of its plan to replace Gabriel, its main regulatory data collection system. Collecting over 500,000 submissions annually across 120,000 users and 52,000 firms, Gabriel enables regulated market participants to submit…
The Case for Effective AML Controls as the FCA Highlights Financial Crime Concerns, Targets Transaction Reporting
Alongside the UK’s Financial Conduct Authority (FCA) Annual Report and Accounts 2018/19 released this week, the regulator also published its Anti-Money Laundering (AML) Annual Report. Part of a wider focus on financial crime (which includes the National Risk Assessment of Money Laundering and Terrorism Financing of November 2017 and an FCA thematic review on capital…
Building a Powerhouse: How Ireland Became a Regtech Center of Excellence
By David Rochford, Head of Hedge Funds at MUFG Investor Services. Over the past decade, spurred by the financial crisis and ensuing regulatory regimes, Ireland has become a regtech powerhouse. The size of the regtech market is expected to grow to $12.3 billion by 2023, up from USD 4.3 billion in 2018, and Ireland is…
Stepping Stones to the EU FTT
By Anne Plested, EU Regulation Change at ION Markets, Fidessa. A Europe-wide financial transaction tax (FTT) was initially proposed by the European Commission (EC) in September 2011. The aim was to avoid an uncoordinated patchwork of national taxes and take a standard approach across Europe. In the aftermath of the financial crisis, this type of…
BIS Supports Fintech Innovation for Central Banks
The Bank for International Settlements (BIS) has confirmed plans for a new Innovation Hub to encourage international collaboration on financial technology within the central banking community. Launching initially at existing BIS facilities in Hong Kong and Basel, the hub will eventually span multiple locations with a third spoke due in Singapore within the first phase…