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FCA Fines Citigroup Global Markets £12.5 Million for Market Abuse Failings
The UK’s Financial Conduct Authority (FCA) has issued Citigroup Global Markets with a fine of more than £12 million for failing to properly implement the EU’s Market Abuse Regulation (MAR) trade surveillance requirements. The failure meant that Citigroup Global Markets could not effectively monitor its trading activities for certain types of insider dealing and market…
SEC No-Action Lapse Poses Threat to Investment Research Flows, Survey Finds
Last month’s SEC decision to allow its MiFID II research no-action letter to lapse could damage relationships between European/global asset managers and US brokers, potentially disrupting the investment research market, according to a report by Substantive Research, which operates a research analysis and delivery platform. The SEC’s no-action letter – now set to expire in…
Compliance.ai Plans Market Growth and Expansion on Back of $6 Million Funding Round
Compliance.ai, a provider of regulatory change management solutions, has secured $6 million of funding, which it will use to promote market growth and expansion. At the same time, the company has brought in a new CEO, Asif Alam, who will replace Kayvan Alikhani, who will continue innovating Compliance.ai products as co-founder and chief product/strategy officer….
Aspire and Know Your Customer Partner to Offer On-Boarding to SMEs in Southeast Asia
Singapore-based finance services provider Aspire has partnered with Know Your Customer to offer the latter’s digital onboarding capabilities to the estimated 70 million small- and medium-sized enterprises (SMEs) and entrepreneurs across Southeast Asia. The new partnership will enhance Aspire’s ability to digitise and streamline corporate onboarding for SMEs, entrepreneurs and corporate clients using Know Your…
Recorded Webinar: A practical guide to dual UK and EU regulatory reporting as the Temporary Permission Regime comes to a close
The Temporary Permission Regime (TPR) allowing capital markets participants in the European Economic Area (EEA) to continue to operate in the UK post Brexit will be withdrawn by the end of 2023, calling on firms that want to stay in the UK to gain full authorisation from the FCA and prepare to comply with both…
Plenitude Secures Strategic Investment from Private Equity Firm GCP
Financial crime and compliance specialist Plenitude has secured a strategic investment from Growth Capital Partners (GCP), a private equity firm focused on investing in growth companies in the technology and services sectors. The investment will support the further build-out of new software capabilities and accelerate Plenitude’s expansion plans including establishing a presence in the Asia-Pacific region….
Novatus Gets £4 Million Investment from Maven Capital Partners
Novatus Advisory, whose RegTech division provides tools for regulatory reporting, has received a £4 million investment from Maven Capital Partners, a venture capital company. The company plans to use the funds to expand its team of technical advisors and boost its sales and marketing resources. London-based Novatus provides specialised advice to financial services firms to…
ID-Pal Secures €7 Million in Series A funding Round
Dublin-based identity verification provider ID-Pal has raised €7 million (£6 million) in a Series A funding round to fuel its expansion into international markets. ID-Pal offers global identity verification coverage of more than 6,000 identity documents and 200 verified address data sources to enterprise clients and SMEs across 200 countries and jurisdictions. The funding will…
Russia Sanctions Pose Challenges for Regulated Entities
By Martin Cheek, Managing Director, SmartSearch As fears of renewed Russian offensives put Vladimir Putin’s invasion of Ukraine back on the news agenda, the sanctions against Putin and Russia which followed the war have never gone away. Before the invasion, Russia was already subject to about 2,700 sanctions. Within two weeks of the attack, that…
How Can Firms Prepare for the CFTC Rewrite?
By Leo Labeis, CEO, REGnosys. The Commodity Futures Trading Commission’s (CFTC) rewrite of swaps reporting rules – known as the ‘CFTC Rewrite’ – is one of several upcoming changes to global trade reporting regimes. Earlier this year, it extended the deadline for financial institutions to comply from May 25, 2022, to December 5, 2022. The…