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5AMLD is Coming – But UBO Reporting Requirements Remain Unclear
The EU’s Fifth Anti-Money Laundering Directive (5AMLD) is on the way, with the deadline of January 10, 2020 fast approaching. The regulation lays out substantially upgraded requirements for the data that companies must hold – including “adequate, accurate and current information” on beneficial ownership – and there are fears that the industry is not yet…
A-Team RegTech Summit Emphasises Urgency of Efficient, Enterprise-Wide Compliance
A-Team Group’s RegTech Summit made a triumphant return to a full house in New York last Thursday, with an excellent turnout of over 230 practitioners, regulators, start-ups and solution providers all keen to explore how the financial services industry can best leverage technology to drive innovation, cut costs and support regulatory change. Colin Ware, Global…
DTCC Delivers Beta Version of FRTB Data Service
The Depository Trust & Clearing Corporation (DTCC) has launched a beta version of its FRTB Real Price Observations Data Service. The service enables the mapping of risk factors to a pool of global derivatives data to gain insight on modellability results in accordance with the Fundamental Review of the Trading Book (FRTB) framework. FRTB, released…
MiFID II Rules Set to Change as EU Bows to Criticism
The European Commission has suggested that it may tweak MiFID II market rules after an industry backlash criticising the regulation. Issues to be reviewed, according to the FT, include changes to the cost and distribution of market data, investor protection rules, and research for small companies. The FCA has also promised to conduct a sector-wide…
SEC Extends MiFID II Exemption Once Again, FCA Approves for UK Dealings Post-Brexit
The US Securities and Exchange Commission has once again extended its October 26, 2017 no-action letter allowing US banks to sell research directly to European fund managers under MiFID II without registering as investment advisors. Set to expire on July 3, 2020, the letter has been extended for a further three years to July 3,…
Tipping the Balance: The Growing Importance of Consolidated Surveillance
Transaction reporting may have started off as a baby elephant but as regulators increasingly focus on the importance of accurately recorded data, and the regulatory landscape becomes ever more complex, that animal is getting bigger. MiFID II and MiFIR transformed the scope of transaction reporting for financial firms, requiring them not only to guard against…
Taming the Regulatory Beast with Advanced Data Integration Techniques
The last decade has seen the emergence of an increasingly complex regulatory environment – one that demands an unprecedented level of data access and integration, for which, it seems, the both the industry and its regulators remain surprisingly under-prepared. A recent white paper from JWG and MarkLogic entitled ‘Ready for Digital Regulation?’ predicts that there…
CFTE Launches RegTech Book, Online Course
The UK-based Centre for Finance, Technology and Entrepreneurship (CFTE), a platform providing online learning for the FinTech space, has announced the launch of a targeted new online RegTech course providing a “thorough foundation of regulatory technologies” through eight hours of video content, curated readings and online assessment. The announcement was made at the London launch…
SteelEye Launches RegTech Glossary
London-based regulatory compliance and data analytics firm SteelEye has published a new RegTech glossary that aims to demystify the complex language of the RegTech sector. The online guide aims to assist professionals to navigate the most common terminology, abbreviations and jargon across the evolving regulatory landscape.
SM&CR: The Countdown Begins
This weekend marks just one month to go until SM&CR goes live for all solo-regulated firms, replacing the FCA’s previous Approved Persons Regime (APR) and bringing with it a host of new data management requirements and challenges. A survey published by ACA Compliance in August this year warned that less 2% of firms had completed…