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FRTB Impact a Triple Threat, Finds ISDA
Final market risk capital rules will lead to a higher increase in bank capital requirements than previous estimates given by international regulators earlier this year, an undisclosed industry study has found, as reported by Risk.net – leading to concerns that the capital hike could force firms to scale back trading activities to meet the new…
New Money Laundering Division for FinCEN
The US-based Financial Crimes Enforcement Network (FinCEN) has launched its Global Investigations Division (GID), which will be responsible for implementing targeted investigation strategies rooted in FinCEN’s unique authorities under the Bank Secrecy Act (BSA) to combat illicit finance threats and related crimes, both domestically and internationally. Matthew Stiglitz, a former Principal Deputy Chief in the…
Australian and Singaporean Benchmarks Achieve EU Equivalence
From August 19, 2019 the legal and supervisory frameworks of Australia and of Singapore are held as equivalent to the EU benchmark regime, according to recent decisions published in the Official Journal of the European Union. The decisions are applicable to the administrators of financial benchmarks that are declared significant benchmarks by the Australian Securities…
STOXX Registers as BMR Administrator
STOXX, the operator of Deutsche Boerse Group, has registered with ESMA as a benchmark administrator under the European Union’s Benchmark Regulation (BMR). The regulation was introduced by the EU following the high profile LIBOR manipulation scandals of 2012, and came into force in January 2018. Benchmark rate users have until January 1, 2020 to use…
Shield FC Opens London Office, Plans New SME Product
Specialist RegTech start-up Shield, which provides a cross-regulation platform for electronic communications compliance, has branched out from its Israeli base to open a new office in London, led by business development manager Shira Rottner. “As a key financial hub, London is one of the most important markets for Shield, and now is the right time…
Applicants Sought for New York RegTech Trade Mission
A-Team Group is delighted to partner with the UK’s Department for International Trade (DIT) to call for applications from UK RegTech businesses (specifically companies with a focus on regulatory monitoring, reporting and compliance) to participate in its upcoming 2019 UK RegTech Trade Mission to New York. Taking place November 13-15 in New York City, the…
IPC and Cloud9 Partner to Deliver Voice Trading and Collaboration Solution
IPC and Cloud9 Technologies are working together to offer an advanced, open voice trading and collaboration solution. The integrated cloud-based service combines Cloud9’s C9 Trader voice communications and analytics platform with IPC’s Unigy trading communications platform and Connexus Cloud financial ecosystem. The aim of the partnership is to provide the global trading community with a…
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…