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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…
IHS Markit Receives Authorisation as Benchmark Administrator in the Netherlands
The Netherlands Authority for Financial Markets has authorised the Dutch entity of HIS Markit, Markit NV, as an administrator under the European Benchmark Regulation. Last year IHS Markit was also approved by the UK’s FCA, making it the first benchmark administrator to be authorised by National Competent Authorities in both the UK and Europe. The…
As Clock Ticks on SM&CR, FCA Looks to Extend Coverage to Benchmark Administrators
There is only a week to go until the final SM&CR deadline on December 9, by which time all remaining FCA-regulated firms (including asset managers, brokers and trading firms) will have to comply with the new rules – and start submitting data to the new FCA Directory. But as crunch time catches up with the…
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…
Itiviti Partners Capital Market Solutions for Reporting to the CAT
Itiviti has partnered Capital Market Solutions (CMS), a consultancy and solutions developer, to provide a regulatory reporting solution for the SEC Rule 613 Consolidated Audit Trail (CAT). The solution is based on CMS’s Regulatory Surveillance & Monitoring System (RSMS) and is timely in following SEC issuance, after several delays, of a schedule for CAT implementation…
NEW BIS Innovation Hub to Focus on RegTech
The Bank of International Settlements (BIS) has launched its third BIS Innovation Hub centre in Singapore, following two recently launched centres in Hong Kong and Switzerland. The Singapore branch will focus on two areas: 1) digital infrastructures on identity, consent and data sharing, and 2) the creation of a digital platform to connect regulators and…
ABN Amro Selects UnaVista for SFTR, MiFID II Reporting
ABN AMRO Bank has selected the LSE’s UnaVista platform as its regulatory reporting provider for SFTR and MiFID II transaction reporting. ABN AMRO Bank will be using the UnaVista SFTR Accelerator, a data testing tool that allows firms to import sections of the required data to test against ESMA’s latest regulatory technical standards (RTS). The…
FCA Updates Handbook Website Using Governor Software
Governor Reg: FCA, a live version of the FCA Handbook allowing UK regulated financial institutions to map, track and report regulatory compliance, was today integrated into the FCA Handbook website to enhance overall user experience, improve navigation and provide .csv downloads of relevant items. To further help UK regulated firms to stay compliant, the firm…