The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

US Fed and SEC Ratify Data Sharing Agreement

Following months of discussions, the US Federal Reserve and the Securities and Exchange Commission (SEC) have finally signed a formal agreement that explicitly allows for the two agencies to share information about the inner workings of investment banks.

According to the memorandum of understanding, the SEC will provide the Fed with “information and analysis regarding the financial condition, risk management systems, internal controls and capital, liquidity and funding resources” of the firms it oversees, and the Fed will do likewise for the SEC.

SEC chairman Christopher Cox stated: “This agreement will permit the expanded sharing of information on a confidential basis and help ensure that regulated entities receive a coherent message from Uncle Sam.”

This has meant that the Fed will be able to see an investment bank’s trading positions, its leverage and its capital requirements and expand the central bank’s oversight to include investment banks. Under the current system, the SEC has oversight of brokerage firms, while the Fed has oversight of bank holding companies and commercial banks.

Related content

WEBINAR

Recorded Webinar: The post-Brexit UK sanctions regime – how to stay safe and compliant

When the Brexit transition period came to an end on 31 December 2020, a new sanctions regime was introduced in the UK under legislation set out in the Sanctions and Anti-Money Laundering Act 2018 (aka the Sanctions Act). The regime is fundamentally different to that of the EU, requiring financial institutions to rethink their response...

BLOG

RegTech Summit Goes Global as A-Team Launches Singapore Event in November

It’s official. Due to popular demand, A-Team Group is expanding its highly successful RegTech Summit conference series with an event in Singapore in the autumn. With lead sponsorship from Solidatus confirmed, A-Team is now formulating the agenda, recruiting speakers and discussing participation opportunities with sponsors and exhibitors. A-Team’s RegTech Summit APAC will take place on...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that brings together an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...