RegTech Insight Regulations The latest content from across the platform
International Compliance – A New Era for SMCR
By Andrew Shrimpton, Executive Chairman of Compliance Consulting at IQ-EQ With great power comes great responsibility. Yes; but in the era of SMCR, heads of compliance have found out that even a medium amount of power now comes with an almost unpalatable amount of personal accountability – and legal jeopardy. In many cases, this has…
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…
98% of Firms Not Ready for SM&CR, Finds ACA Compliance
Less than 2% of affected firms have completed sufficient preparation for the FCA’s upcoming Senior Managers and Certification Regime (SM&CR) while only 2% of employees have sufficient awareness of the new rules and their implications across the organisation, according to a new survey from ACA Compliance. The new regulation is due to come into force…
Sensiple Partners TNS to Bring MiFID II Compliance Solution to Frankfurt
Capital markets specialist Sensiple is bringing its regtech product SETREGA for MiFID II, SFTR and EMIR compliance and reporting to the FR2 data centre in Frankfurt as part of an agreement with Transaction Network Services (TNS). Sensiple will use TNS’s managed hosting, colocation and connectivity service to give market participants fast, secure and efficient access…
US Congress Approves Major Study into MiFID II Research
The US House of Representatives has passed a bipartisan bill requiring the Securities and Exchange Commission (SEC) to study the provision of investment research for small issuers. It will require the SEC to explore a broad range of issues including among others the demand for research by institutional and retail investors; the availability of research;…
Industry Bodies Join Forces to Create New SFTR/EMIR Master Reporting Agreement
The International Securities Lending Association (ISLA) has partnered with the Futures Industry Association (FIA), the International Capital Market Association (ICMA) and the International Swaps and Derivatives Association (ISDA) to create a new Master Reporting Agreement compatible with SFTR and EMIR. The EMIR and SFTR reporting regimes share certain key features – in particular, both provide…
SmartStream RDU Readies Services for Brexit
The SmartStream Reference Data Utility (RDU) has implemented changes to its MiFID II Reference Data Service and Systematic Internaliser (SI) Registry to accommodate Brexit. For the MiFID II service, SmartStream RDU will make both ESMA and FCA data available, either as an integrated delivery or separately. It will also support ESMA and FCA pre- and…
Natixis Selects Redland Solutions for Accountability Solution
Natixis Investment Managers UK has chosen Redland’s SM&CR Software-as-a-Service (SaaS) solution. The solution will assist Natixis to comply with all elements of the Accountability Regime, including SM&CR, Management Responsibility Maps, Statements of Responsibility, Fitness & Propriety, Certification, Conduct Attestation and Conduct Rule Breaches. Birmingham, UK-based Redland Solutions was acquired by Ideagen in June 2019.
ESMA Makes New Bond Liquidity Data Available
From the 1st August the European Securities and Markets Authority (ESMA) has made available new data for bonds subject to the pre- and post-trade requirements of MiFID II and MiFIR through its data register. MiFID II, which came into force in January 2018, introduced pre- and post-trade transparency requirements for equity and non-equity instruments, including…
Regulators Discuss SM&CR and IT Failure at UK Parliamentary Hearings
The UK’s parliament’s treasury committee recently held a series of hearings on IT failures in the financial sector. Over the course of the hearings, at which representatives of the Bank of England, the Financial Conduct Authority and the Prudential Regulatory Authority spoke, the regulators discussed work completed and work in progress around operational resilience in…