Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

Keith Stonell Managing Director, EMEA at Guidewire

Technology Can Help Insurers Respond to FCA on Charges of Poor Customer Service

Back in April, the CEOs of UK insurers, brokers, and other providers, received a letter from the Financial Conduct Authority (FCA) telling them to sort out poor customer service or else. This is all part of how the FCA, now with new tougher powers, is able to call insurers to account through the new Insurance Distribution Directive and Senior Mana...

25 June 2019 /regulation

Mark Demo 

Monitoring OTC trades to ensure IM compliance

In late March, the Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) issued guidance to national regulators stating that Phase 4 and 5 firms need not negotiate documentation with counterparties or become operationally ready if the trading relationship with any given counterparty was ...

10 June 2019 /regulation

Matt Smith CEO at SteelEye

MiFID II - Moving past the challenges

Since MiFID II was implemented at the start of 2018, financial markets have struggled to adapt to the new and rigorous regulatory requirements. Recently, high profile cases have brought the consequences of non-compliance into the spotlight, with UBS and Goldman Sachs both receiving fines of £27.6m and £34m respectively, for misreporting their data...

10 June 2019 /regulation

Chris Holmes Senior Vice President at KAE Consulting

Status Check: Real-Time Payments in the US

During the past months, the Federal Reserve’s Faster Payments Task Force has made huge steps towards the implementation of a faster payments / real-time payments system in the US. As a result, the Fed’s RTGS (Real Time Gross Settlement) system is said to be ready to launch in 2020. Immediate loan availability, mobile payments, real-time invoicing ...

30 May 2019 /payments /regulation

Evgeny Likhoded CEO & Founder at ClauseMatch

AI in Compliance: the last but most urgently needed digital transformation

Artificial Intelligence (AI) is the latest technology to permeate the fast-moving financial sector, finding applications in everything from trading and fraud detection to credit risk evaluation and marketing. The widespread deployment of AI within financial services organisations stands to unlock an additional $1.2 trillion in value by 2035 accord...

14 May 2019 /ai /regulation

Retired Member 

Wiring financial organisations for regulatory success

Regulatory compliance is a time and resource-consuming burden for every financial institution – since the Global Financial Crisis, regulatory requirements have increased exponentially. Regulators are increasingly demanding more detailed information, and firms now have to demonstrate greater levels of responsiveness, accuracy and monitoring of thei...

01 April 2019 /ai /regulation

Nicola Cowburn Chief Marketing Officer at CUBE

The Only Way to Untangle Regulatory Complexity

The tangled web of regulation is hitting the headlines, yet again. Changes proposed by the Federal Trade Commission (FTC) to the 2003 Safeguards Rule have been met by warnings from the American Financial Services Association (AFSA) that they may contain ‘traps’ for unwary financial institutions attempting to meet both state and federal laws. How...

20 March 2019 /ai /regulation

Gustav Korobov Senior Sales Executive - Core Banking platform at Advapay

No-deal Brexit negative effect for Payment Service and E-money Institutions authorised in the UK

Recently we published news on the survey that indicated that about a third of UK businesses are considering relocation due to Brexit. Many Authorised Payment Service Institutions and Authorised E-money Institutions based in the the UK also acquired licenses in the EU Member States and established subsidiaries or at least made applications. There ...

12 March 2019 /regulation

Darren Thomas MD at IHS Markit

Unclear Rules to Follow: Words of Wisdom for Asset Managers Coming into the Scope of UMR

This past fall, Phase 3 of initial margin reform came into force. All firms holding more than $1.5 trillion USD in notional in uncleared derivatives were required to post margin in a manner compliant with the rules of a new global margining framework. This new framework, passed by regulators in all major jurisdictions, is composed of stringent rul...

19 February 2019 /regulation

Retired Member 

Cybercurrencies and the need for regulation

Anyone with a pulse and the money to cover legal fees can issue a cybercurrency. Once the cybercurrency is created, however, brokers are needed to sell and make a market for it. Given cybercurrencies are an unregulated market, then there are few concerns over how much commission is paid to the broker. The bigger the commission, the greater incenti...

11 January 2019 /regulation