Digital regulatory reporting – tipping point 2021

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Digital regulatory reporting – tipping point 2021 By PJ Di Giammarino, CEO JWG Group New JWG research has found supervisors to be focused on creating new standards for interpreting complex data needs in 2021 as the industry hits a tipping point for in its quest for digital standards that simplify complex regulatory reporting obligations. Global…

Collaboration to finally realize GFC reforms via digitalization The good news about compliance is that financial firms are finally getting the last generation of G20 Global Financial Crisis (GFC) regulations under control, said PJ Di Giammarino, CEO of JWG, a financial regulation think-tank based in London. The not so good news is that the industry…

Know your 2021 Cloud Compliance Strategy – Survey open

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JWG’s 2020 research has found that the financial services market exhibits an ever-growing blind spot from technology risk which lurks off balance sheet. High profile outages like Google and Microsoft have underlined the issue for both the regulator and regulated this month. This point has not been lost on regulators who in the middle of…

L'Autorité des Marchés Financiers (AMF), France's financial markets regulator, has created a Data and Surveillance Directorate as part of a wider reorganisation announced earlier this month. Its establishment comes as a handful of regulators pursue digital realignment programmes, but the AMF appears to be ahead of the pack in establishing a new division, building data…

The European Securities and Markets Authority's (ESMA) extensive proposed guidance to the Market Abuse Regulation (MAR) could force the UK Financial Conduct Authority (FCA) to make some early decisions to diverge from the regime. "One of the questions is what does the FCA really think about the MAR review? This is where the rubber begins…

Gentrifying The Wild West

Can suptech take DeFi to the next level? As technology-driven decentralised finance (or DeFi) grows in popularity and market value, it appears that a battle is brewing between DeFi protocols and regulators. But can technological tools in the hands of regulators head this off at the pass? A reasoned, transitional approach to compliance, along with…

The global regulatory community has put its support behind digital regulatory reporting (DRR) initiatives acknowledging supervisors require the ability to collect better quality data more efficiently. The Bank of International Settlements (BIS), the European Commission, the European Banking Authority (EBA), the European System of Central Banks (ESCB), the Financial Stability Board (FSB), the U.S.'s Federal…

Remember, Remember, the 5th of November… FCA, conduct and Ops

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On Thursday last week, 5th November, the FCA published three Decision Notices, all prohibiting individuals from performing “any function in relation to any regulated activity carried on by any authorised or exempt persons or exempt professional persons” as each lacked “the necessary integrity and reputation required to work in the regulated financial services sector”. The offences…

Key surveillance takeaways from the MAR review

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By PJ Di Giammarino and Sam Tyfield, Partner, Shoosmiths. The MAR review report was finally released on 23 September and clocked in at 276 pages. It raises a number of key issues for senior management at financial institutions, already struggling to form a holistic view of their communications surveillance obligations under COVID. The extensive review…

Sabre rattling: Trade surveillance, RegTech and COVID obligations

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By Sam Tyfield, Partner, Shoosmiths. On 12 October, a speech by Julia Hoggett, FCA’s Director of Market Oversight, was published here. She speaks of having “rattled [her] sabre” about market abuse and surveillance. She started with some good news; activity the FCA regards as abusive, manipulative or insider dealing has not changed, so far as…