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A busy month for financial services regulation
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25 Jan
2016

A busy month for financial services regulation

In the past month, we’ve celebrated the holiday season and brought in the new year, but there has been no rest for the wicked and regulators have been busy scrambling to meet deadlines and push out new regulatory documents.  In the period before Christmas, we witnessed a lot of developments and it’s safe to say..

20 Jan
2016

MiFID II: turning up the heat on transaction reporting

JWG were pleased to participate in a MiFID II webinar led by DerivSource this week. As you can see, by clicking on our presentation below, MiFID II is rekindling industry debate about the right approach to sharing billions of transaction reports across Europe. MiFID II/ MiFIR turns up the operational and technical heat, not just..

11 Jan
2016

RegRoundup 11 January: risks and regulatory battles

The new year has not brought any better luck for China’s economy. As stocks continue to slump, the People’s Bank has again devalued the Yuan to somewhat limited results. Meanwhile the debate over how best to control Wall Street is getting no less fiery. Bernie Sanders has made clear his intentions to ringfence investment banks..

07 Jan
2016
Chief Compliance Officer, CCO, nysdfs aml regulation, senior managers regime, SMR, smr implementation, senior managers regime implementation

Another step towards increasing individual accountability

There will no doubt be many concerned faces amongst senior management this year as the new rules for the Senior Managers and Certification Regime (SMR) come into force over the next 12 months.  The first implementation date will be in February 2016 when firms will have to submit documents for grandfathering, then commencement of the..

05 Jan
2016
Review of banking culture, FCA review of banks, UK banking review

Filling in the responsibility gap in UK banking

The FCA has just dropped their comprehensive review of UK banking culture, which focused on whether pay, promotions or incentives in the financial sector encourage malpractice.  Shortly after its announcement last year, it has been shelved, with the FCA citing that each business is unique and thus cannot easily be compared. To some this is..

08 Dec
2015

Six years on from the financial crisis… where have we got to and where do we go from here?

Financial regulation remains as complex as ever. Complex new niches such as shadow banking, Fintech, and Over-the-Counter Derivatives, and the increasing interconnectedness of Financial Institutions (FIs) across the world, have led to greater risks to be managed for regulators. With this in mind, how they manage to get ahead of these rapid financial evolutions and..

08 Oct
2015

Know Your EU Remuneration

JWG analysis. Since the 2008 global financial crisis, there have been multiple bones of contention and areas of tussle between the regulators and members of the financial industry.  One example is the issue of remuneration, because of its reputation as a key driver for instilling particular behaviours within the financial industry.  Used correctly, it can..

06 Oct
2015

No ‘Get out of Jail Free’ card for firms

JWG analysis. According to an article by Rachel Wolcott of Thomson Reuters, the FCA have now elucidated that they will operate a zero-tolerance policy with firms not giving their all on the approaching MiFID II deadline. Hopes have been dashed that the sheer size and complexity of the regulation would either push back the deadline..