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12 Days of Compliance
By Philip Naughton, Partner, ACA Compliance Group. On the first day of Christmas, the industry gave to me…. twelve recurring compliance issues Unfortunately, when it comes to compliance programmes this Christmas, UK financial services firms are still making the same errors, over and over again. Recent compliance reviews carried out by ACA Compliance on financial…
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…
ESMA Finally Puts Its Foot Down on Consolidated Ticker Tape
The European Securities and Markets Authority (ESMA) has bitten the bullet on a real-time consolidated ticker tape for European equities, following the failure of an industry-led solution to emerge. In a review of market data pricing published today, the regulator warns that market data costs under MiFID II are still too high, confirming plans to…
Firms Failing to Meet MiFID II Reporting Requirements – Vendors Can Help
We are almost two years on from MiFID II implementation and yet there are still gaping holes where firms continue to struggle with the burden of mandatory reporting requirements brought in by the regulation. Around 50% are not yet monitoring their reporting daily, according to the second annual MiFID II & Best Execution survey from…
US Banks Unprepared for California Consumer Privacy Act – What Can They Do?
By Edel Brophy, Global Regulatory Manager, Fenergo. Keeping up with compliance regulations across multiple jurisdictions can be tricky for financial institutions. Hugely ambitious, the ratification of the state law the California Consumer Privacy Act (CCPA) is one of the toughest challenges they’ve faced. With just one month to go, it’s therefore concerning that one third…
Singapore’s Tookitaki Drives Forward AI in Anti-Money Laundering
Enterprise software specialist Tookitaki closed its Series A Funding Round at $19.2 million last week, following a further $11.7 million injected in November. The latest round was co-led by venture funds Viola Fintech and SIG Asia Investment, along with Nomura Incubation Investment. They join existing investors including Illuminate Financial, Jungle Ventures and SEEDs Capital, an…
Saxo Bank Japan Migrates from Legacy Ledger to Torstone Cloud Solution
Saxo Bank Japan is replacing its legal ledger legacy system with Torstone Technology’s Inferno cloud-based solution and has gone live with the first phase of migration. The bank is making the replacement to support regulatory reporting on the cloud for existing and new equity business. Using Inferno, Saxo Bank Japan is able to reduce operational…
Regulatory Data Use Cases for Privacy-Enhancing Technology
Privacy-enhancing technology (PET) is emerging as a new way for financial services firms to share and compare confidential data without compromising competitiveness or data privacy compliance. Several new use cases are emerging. Improving MiFID II reference data For example, a new industry initiative that uses advanced information security techniques looks set to enable European and…
Financial Stability Board Publishes 2019 G-SIB List
The Financial Stability Board (FSB) has published the 2019 list of global systemically important banks (G-SIBs) using end-2018 data and an assessment methodology designed by the Basel Committee on Banking Supervision (BCBS). One bank, Toronto Dominion, has been added to the list of G-SIBs that were identified in 2018, increasing the overall number from 29…
Introducing the Alliance for Innovative Regulation: Driving Change through Collaboration
Last month saw the official launch of a new model designed to connect fintech leaders, financial institutions, regulatory agencies—and their innovation teams— with the goal of modernising the financial regulatory system. With $2 million already raised from a range of FinTech entrepreneurs and ventures capital firms, the Alliance for Innovative Regulation (AIR) is off to…