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Breakfast Briefing: Meeting the Data Requirements of FRTB London

The Fundamental Review of the Trading Book (FRTB) Breakfast Briefing, will examine how the capital markets industry is approaching FRTB data management and will look at the implications for the ways that firms source, manage and store data for FRTB compliance.

SEC Releases Long-Awaited Guidance for Rule 606 on Broker Disclosures – But is it Enough?

Rule 606, updated by the Securities and Exchange Commission (SEC) last year to require additional disclosures by broker-dealers to customers regarding the handling of their orders, has caused headaches for the sell-side since it was first proposed – largely due to the complexity of the original 334-page mandate. With the postponed October 1, 2019 deadline…

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…

SEC Pushes for MiFID II Research Exemption for US Brokers

The US Securities and Exchange Commission (SEC) is seeking to extend an exemption put in place October 2017 (and set to expire in July 2020) that allows US banks to sell research directly to European fund managers under MiFID II without registering as investment advisors. According to the Financial Times, the regulator made the statement…

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…