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Clash of the Titans: The battle for customer information
Archive
16 Nov
2012

Clash of the Titans: The battle for customer information

2012 could well go down as a turning point for the industry. Billions in fines have raised consciousness of the need for better financial crime processes, systems and controls. Regulators have found sanctions breaches, anti-money laundering deficiencies and bribery failures – and will likely to continue to do so as they examine historical compliance. We..

16 Nov
2012

Risk data strategy and rethink coming in 2013?

Managing, aggregating and maintaining risk data used to be a box-ticking exercise with easily achievable targets. In 2013, landmark new global requirements mean firms will face a big step up. Over the past few years, regulation in the area of risk management information (MI) was fairly basic. In 2011, the FSA, like their US cousins,..

12 Nov
2012

A common roadmap for Europe?

Finally, after months of anticipation, European Commission President José-Manuel Barroso outlined his “decisive deal”: a big picture vision of an ideal, sound roadmap for Europe’s financial future. The EC proposes to create a single supervisory mechanism for banks in the euro area – starting on 1 January 2013. Under the proposals the European Central Bank..

12 Nov
2012

OTC: Will your firm make the grade?

The G20 says OTC regulation was to be finalised by end 2012. But, with at least 34,000 more pages of regulation expected by 2016 from the US alone, firms need to upgrade their BAU. Following the G20’s meeting in April 2009, the pathforward for regulation on OTC derivatives seemed clear. In the shadow of the..

11 Oct
2012

Check your SYSC benchmarks

The Office of Compliance Inspections and Examinations (SEC, FINRA, NYSE) has released an assessment of 19 firms regarding their controls to prevent misuse of material, non-public information. While not legally binding, this development is important because this is the first comprehensive statement in years regarding a regulatory view of a firms systems and controls for..

11 Oct
2012

Regulating domestic SIFIs

After a broad consultation paper released June, the BCBS has released its framework for addressing domestic systemically important banks or “D-SIBs.” This is on schedule for delivery and discussion at the upcoming G20 meeting, and should seen as related to and coordinated with the pre-existing G-SIFI framework. The framework is quite loose, giving considerable discretion..

09 Oct
2012

The cost of not monitoring your customer

  • 9th October 2012
  • RegTechFS

When the G20 first revealed its plans in April 2009, the scale and scope of new reforms was all encompassing. Now, we are seeing how serious the regulatory community is about them. The battle to know your customer provides a first glimpse of just how seriously the industry will take the new reforms. At the..

01 Oct
2012

Interim identifiers face EU brick wall

  • 1st October 2012
  • RegTechFS

After Level 1 of EMIR got the industry thinking they would be allowed to use the LEI or another ‘interim’ identifier, they hit somewhat of a brick wall. ESMA’s long awaited final draft technical standards for EMIR have dealt a serious blow to ‘interim solutions’ already being used, stating that any interim solutions need to be in..

13 Sep
2012

Getting the right roadmap?

  • 13th September 2012
  • RegTechFS

The industry is at a turning point for laying the foundations for global reporting success through the new legal entity identifier (LEI).  The G20 has asked for the identifier to be launched by March 2013 – a mere 100 business days from now. The LEI will set fundamental precedents for future reporting standards, before even..

10 Sep
2012

HFT: On the brink of definitive new controls?

  • 10th September 2012
  • RegTechFS

Thanks to technological hiccup after technological hiccup, High Frequency Trading (HFT) remains a permanent fixture in the financial press. With each blip, regulators and politicians promise to regulate HFT, but how they are going to put effective controls in place is still an open question. Despite the noise, the issues with HFT remain the same...