RegTech IntelligenceThe English High Court handed down an important judgement last year relating to its duties when exercising close-out powers granted to it pursuant to a clearing agreement. The outcome of the case is important to remember as discussions progress in terms of which entities owe what duties in maintaining a “fair and orderly” market, which
FATCA compliance might not need a separate programme – it ought to be covered by the same approach as AML, RDR and KYC regulations, among others. The recent high profile decision by the board of Wegelin, Switzerland’s oldest bank, to close after helping US citizens evade taxes of $1.2 billion in offshore holdings, has ensured
What will firms need to solve internally, and what will need industry collaboration? In 2009, the G20 committed, in their action plan, to strengthening risk management controls and policy principles. This was followed up with a 2010 report by the Senior Supervisors Group (SSG), highlighting poor IT infrastructure practices which were having a negative impact
Andrew Bailey, the freshly anointed head of the new Prudential Regulation Authority (PRA), gave the strongest indication yet of the approach that would be taken to regulating and supervising systemic insurers alongside banks and major investment firms. Reading not very far between the lines, Bailey also seemed to be outlining the approach the PRA would
Last Friday, the Irish EU Presidency published a new draft compromise of MiFID II. The resulting piece of legislation includes several new additions but preserves – without exception – the more onerous existing clauses. The central changes in the new draft are an obligation for investment firms to trade on a regulated platform (with exceptions)
The G20 has released its latest progress report following a 15-16 February summit in Moscow – the first meeting under the Russian presidency of the G20. This meeting largely focused on the direction regulation would take in the near future, progress assessment and the effects of reform on the health of long-term investment finance. Overall,
Multiple risk management failings, resulting in high profile fines and exposing the ineptitude of boards in understanding the complex risks, coupled with poor internal controls and assessment findings, have painted a grim picture of risk management in 2013. The Financial Stability Board’s (FSB) recent Thematic Review of Risk Governance further corroborates this picture. The report
A tense week of stand-offs between ECON and the European Parliament over sending parts of EMIR back to the drawing board has ended. The big news? EMIR timelines look to be back on track. The potential delays looked to be a blessing for the industry, granting a second chance to gain clarity over non-financial counterparties. Now
It’s 2013 and we’re still talking about regulating HFT in the absence of data quality and standards conversations. That needs to change. 2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that
Will the FSB succeed in attempting to bring non-bank credit intermediaries out of the shadows? Now that regulators have this mass of data, what is the next step in linking it and putting it to use? In 2013, global regulators are finally taking a good look at connecting the data dots. The FSB has especially