RegTech IntelligenceJWG’s eighth annual conference will be the premier, global event for setting the 2024 RegTech agenda on 7 February in London. Join us to help shape the debate today. About the JWG RegTech agenda Long recognised as the first, biggest and most professional public/private sector agenda debate, JWG is continuing to focus on helping agencies,
The introduction of regulatory frameworks such as SFDR, CSRD, MiFID II, and EU Taxonomy Regulation isn’t just a simple compliance task. ESG rules require new systems and data to support best practices for handling this data are still in their formative stages. In great news for RegTech users, international regulators endorsed long-awaited global industry standards
The outline of Europe’s new payments landscape is in sight. New reforms to enhance competition, innovation, and security in the financial services sector are underway. The Payment Services Directive, financial data access, the digital euro, and protection of cash are among the key proposals released for discussion last month. Industry experts suggest that further regulatory
On June 20, 2023, PJ Di Giammarino, CEO and founder of JWG and Matt Caine, Director of EMEA Financial Markets Communication Compliance at NICE held a discussion on ‘Navigating the Winding Regulatory Road of Communication Compliance’ with a group of Financial Services Compliance and IT experts at the NICE Interactions 2023 conference in London. During
In this session, PJ Di Giammarino will discuss what it takes to get open standards fit for regulatory purpose. He will cover lessons learnt from JWG’s highly successful Derivatives DRR working group, reveal what’s next on the radar, and what actions FINOS members can take now to make sure they don’t miss out on the
The recent allegations made against Coinbase and Binance by the US Securities and Exchange Commission (SEC) have cast a spotlight on the compliance challenges faced by the cryptocurrency industry. However, it is not just the US that is grappling with regulatory issues pertaining to digital assets – a high degree of correlation has been noted
Firms should re-engineer their anti-money laundering (AML) systems and controls to refocus on know-your-customer (KYC) processes to prevent the inevitable pile-up of transaction monitoring alerts. Firms’ pivot to digital onboarding has prioritised speed over collecting enough information to determine whether transactions are suspicious. It has created an inefficient, expensive process where AML analysts are sifting
In response to mounting global concerns about generative Artificial Intelligence (AI), legislators and stakeholders have been listening hard to technologists while finalizing tough new rules for digital non-financial risk. Will AI be a wake-up call for firms to define ‘what good looks like’ for infrastructure standards before massive fines start to land? To avoid a
Consumer trading in unbacked crypto-assets is akin to gambling and should be regulated as such, a committee of influential UK lawmakers said today. Technology underpinning crypto may have some benefits for financial services, but those are unclear, the Treasury Committee’s crypto-asset report said. Large parts of the crypto-asset industry remain a “wild west”, said Harriett
Over the past three months, regulatory developments in the digital asset space have continued to create choppy waters for industry players and market participants alike. Lawsuits have been filed, new initiatives have been launched, and guidelines are being introduced as governments attempt to keep up with the ever-evolving market. Who would have thought a pop
RegTech promises to turn policy documents to rule sets that describe what good looks like in the operational language of the systems used by the business. AI can play a role in applying controls, but it needs to be carefully supervised so that the humans are in the loop and overseeing the code. Experts at
Regulators are busy engineering sell-side and buy-side rule changes which will change the markets, customer and risk management obligations starting this year. JWG has analysed the global landscape and assembled 20+ all-stars at our *virtual* Trading Seminar to discuss our exclusive RegTech research on upcoming compliance challenges. 7 days left to get your Complimentary VIP
UK Regulators have finally disclosed their plans for 2023 which are 29% bigger than last year with the FCA owning the lion’s share of the 143 initiatives. Practitioners should update their firm’s radars with this version but beware: further updates are expected over the course of 2023. JWG RegRadars are primed and ready. Join us
The UK’s second discussion paper of 2023 on the benefit of modern technology presents a great chance for the industry to engage on the future of TradFI and DeFi RegTech standards. Successful reference models can help shape the path for asset management. However, this is an enormous cultural and technical shift which will require broad
UK crypto-asset regulation should require firms to be authorised locally and establish a physical presence to help asset recovery efforts when customer funds are lost to fraud or theft, lawyers said. HM Treasury’s crypto-asset regulation consultation paper, published this month, says crypto-asset activity provided in or to the UK must be authorised by UK authorities.
With new waves of regulation and enforcement coming fast, navigating cryptocurrency and digital assets rules has keeping middle and back offices hands on the tiller this quarter. JWG’s Crypto asset RegRadars are hot and this article provides three dozen links to contextualise choppiest waters in Q12023 in advance of JWG’s 22 March Trading Compliance seminar.
JWG’s sell-side and asset managers’ trading compliance radars are hot, and we’ve assembled and all-star cast to discuss the key trading perimeter, market data, consumer duty and risk surveillance issues on 22 March. Don’t miss this opportunity to dial-in to the debate. Complimentary VIP Pass Available – Apply Now! Register here for 22 March 2023
Public and private sectors are finding a path through the jungle of compliance to safe code. New public/private coalitions, new mandates and new ways of working are required. In many ways it feels like 12 years since we started talking about the need for RegTech, it is now more a subset of the Banking Tech
The UK Treasury’s fired a warning shot across the bow of digital assets businesses yesterday. The proposed regime will be a significant challenge for the current exchanges and digital asset firms who do not have access to institutional-grade RegTech solutions. With so much at stake, it is essential that those affected understand what impact these
The UK Treasury’s consultation on further crypto asset regulation signals a heavy compliance burden for crypto businesses and some vertically integrated firms may be required to restructure to gain authorisation. Crypto businesses operating in the UK must be registered with the Financial Conduct Authority (FCA) and compliant with the Money Laundering Regulation (MLR 2017). Around
2023 RegTech Beacon – Guiding your way through regulatory storms We are delighted to publish the 29th issue of JWG’s RegTech Beacon which now serves as our yearbook and recaps 2022 accomplishments as well as providing an outlook of what lies ahead. Our RegTech outlook is one of collaboration between the front office and its supporting
Trading desks face unprecedented levels of regulatory change from the mechanics of the markets and how they monitor them, to how they interact with customers, the way they de-risk their technology suppliers and provide information to regulators. This article summarises the critical changes and lays out the context for our 22 March virtual trading seminar.
JWG has won five global awards for its RegDelta platform and website. If you’re looking for the broadest regulatory intelligence with the deepest enrichment, within the fastest timeframes, then you need to check out JWG’s RegDelta platform. It showcases the latest analysis, highlights relevant products, services, and events so you can create a bespoke library
An all-star cast of 40+ speakers will gather virtually on 9th & 10th November 2022 to set the 2023 RegTech agenda at JWG’s 7th annual premier RegTech conference. Markets have been rocked by turbulence unseen in over a decade and the regulatory agenda has shifted quickly. JWG research has defined 10 panels and worked with the industry to
The regulatory spotlight on stablecoins has intensified this month with the Financial Stability Board (FSB) Crypto-asset paper noting[1] that many existing stablecoins still would not meet their recommendations. International risk management principles will be welcomed, but 2023 will be the year that the industry needs to define a better approach to managing compliance in a
We are pleased to announce the first wave of confirmed firms, regulators, trade associations in JWG’s 7th annual RegTech conference, ‘Digitally-native compliance’. 2022 regulatory agendas have been rocked by political and market turbulence unseen in recent decades. Don’t miss this opportunity to join this international group of all stars who will articulate the key challenges which RegTech
Crypto market capitalization has receded by nearly 75% as $2 trillion were wiped off the market[1] leaving many crypto investors to reflect on the words Warren Buffet: “You only learn who has been swimming naked when the tide goes out”. Rulemaking continued to push the digital-asset agenda forward over the summer with over 3,000 pages published
The political process by which sanctions are agreed is difficult but the process for implementing them is worse. As a result, sanctions are not nearly as effective a weapon as we would like to think they could be. Ten RegTech building blocks are on the table for discussion – how do we configure a case
The UK Treasury has moved to close a loophole in the Money Laundering Regulations (MLR 2017) that potentially allowed crypto asset firms to bypass the UK’s registration gateway, according to a government document published on June 15. Previously firms could notify the Financial Conduct Authority (FCA) after a change of ownership occurred. Now crypto asset
Criminal networks have eluded Anti Money Laundering and Terrorist Financing (AML/TF) nets for decades. Digital assets have forced policy makers and RegTech providers to rethink the challenge and chart a course towards digitally-native compliance. If the sector engages now, it can reap enormous benefits for digital asset and TradFi compliance. Like a dog that has
The way we look at economic crime risks and controls is changing. Sanctions and other drivers have forced institutions to take a more holistic view of risk disciplines and integrate process that on-board clients, screen their transactions and monitor the marketplace. This policy space is ideally suited for an idea contributed by a late RegTech
As sanctions barriers rise and market access is cut off for a digitized market, AML/TF and Surveillance capabilities need to respond quickly with safe and appropriate RegTech. Join us on 23rd June as 16 market SMEs discuss what this means and what comes next. Register Here In this seminar, leading AML, KYC, Terrorist Financing, Sanctions
Compliance teams can no longer assume that policies which mandate all communication channels are monitored safely behind the firm’s firewall are fit for purpose. Management teams must balance a three legged stool of surveillance policy: generation of alpha in the market, controlling conduct risk, and providing for employees’ wellbeing. In advance of JWG’s 23 June
Today’s economic crime experts face new regulatory demands to modernize risk frameworks as regulators dish out large fines. RegTech solutions have been proven to help integrate and streamline controls, but only if we align with fast-moving new rules. How can RegTech help bridge risk silos and create effective compliance solutions in 2022? Register Here This
2022 is a tipping point for the next generation of economic crime RegTech. Decentralised services are presenting unquantified levels of risk to the system and rules are moving fast to keep up. The good news: after 5 years of laboratory experiments and forests of reports, RegTech can provide a migration path for compliance regimes. In
Five years since RegTech challenges for Anti Money Laundering (AML) and Transaction Monitoring were first articulated, regulators continue to inch towards policies which would enable firms to cut into the $1.6 trillion[i] which pass through banks undetected. Is the industry ready to take the next step? In this article we recap the challenge for digital
With sanctions freezing assets and restricting trade, digital compliance strategies are being reworked this year. In this article we explore the impact of putting digital trade barriers in place, which will also be discussed at our 23 June virtual seminar. Register Here 2022 sanctions policy Financial services have seen a significant increase in the number
Yesterday, 22 digital asset regulators and market participants gathered virtually across 39 jurisdictions to debate the RegTech challenges presented by digital assets. Tracking this sector’s regulatory obligations is like playing a three dimensional game of chess and small details can make or break markets. In this article we recap where we took away, how you
The UK’s finance ministry yesterday announced its plans to regulate certain stablecoins within existing payments regulation and begin to formulate its regulatory framework for crypto assets. HM Treasury has commissioned the Royal Mint to create a non-fungible token (NFT) this summer to mark the UK’s ambition to become a crypto-asset hub. “We see enormous potential
The digital assets marketplace is moving fast and this month, regulators have started policy efforts in anger. Join us 5 April as 22 market SMEs discuss what this means and what comes next. REGISTER HERE In the past month, US policy makers have fired the starting gun, The European Parliament has issued a DLT pilot
As the digital asset sector matures and policy makers design new rules to oversee this market, compliance has become a strategic battleground for market participants. Regulations that prescribe controls over ‘who trades what’ are being drafted and will include many check boxes for the transaction lifecycle. The great news is that TradFI has developed RegTech
Yesterday, President Biden fired the starting gun for the US regulators’ race to control Digital Assets. Crypto enthusiasts have been looking for regulators to take firm positions on whether digital assets race on Formula 1, NASCAR, or Motocross tracks. Regardless, it will be RegTech that is waving the chequered flags very soon. Join an all-star
Crypto bros might struggle to see it this way, but digital asset regulation has moved at great pace in a short time. Will it be fit for purpose? With interoperable standards on the way, RegTech has the power to unify digital and TradFi rails. Join an all-star cast on 5 April for our virtual conference
This year we will be producing 3 seminars which will facilitate regulator, firm and supplier collaboration and to develop and encourage interoperability between TradeFi and digital waves. We are inviting Digital Asset, Crypto and TradFi market participants to join our 2022 Digital Finance Programme which will explore our global research and the role of Digital
New digital rails are being laid next to traditional finance (TradFi) which puts RegTech in the critical role of integrating markets and defining safety standards. In our inaugural episode of RegCast here we lay out the key themes which peek over the horizon as JWG enters its second decade of RegTech. RegTech meets Digital Finance
RegTech Beacon – Guiding your way through global regulatory storms. We are delighted to publish the 28th issue of JWG’s RegTech Beacon which now serves as our yearbook that recaps 2021 accomplishments and provides an outlook of what lies ahead. Our focus this year is defining the next steps required for a truly digital financial infrastructure.
RegTech Beacon – Guiding your way through global regulatory storms. We are delighted to publish the 28th issue of JWG’s RegTech Beacon which now serves as our yearbook that recaps 2021 accomplishments and provides an outlook of what lies ahead. Our focus this year is defining the next steps required for a truly digital financial infrastructure.
Securities tokenisation permitting firms to settle trades on a blockchain reduces counterparty risk and settlement costs while providing a vehicle for compliance automation. Last year saw some tokenisation of traditional securities such as equities, bonds and foreign exchange; consultants say that 2022 will usher in “tokenisation of everything”, be that bonds settled on the Ethereum
1,000 visits to the JWG Annual Conference site are keeping the conversation alive. There is still time to listen to the all-star debate, participate in the debates and help set the 2022 RegTech agenda. 2021 Annual conference On the 16th & 17th November, JWG held its 6th annual and its 1st virtual global conference, where
100+ Organizations have registered for RegTech 2021 JWG has finalized an all-star cast of 37 speakers from the best and the brightest in our space which will be gather virtually on 16th & 17th November 2021. Don’t miss this opportunity to join international firms, the Bank of England, FCA, global regulators and trade associations and top banks,
We are delighted to reveal more details for our annual conference. With so much happening in this space – make sure that you know what risks are coming and how to tackle them! See details below and sign up now to hear a great cast of regulators, academia, firms and suppliers discussing the next generation
A decade ago, JWG worked with Banking Technology to produce the world’s first RegTech magazine for our sector. We are now delighted to be hosting the 6th annual RegTech / SupTech Conference on 16 & 17 November 2021 which promises to be one of the most exciting, digital events of the season. Register Here Today Agenda
The last eight months have borne witness to a lot of regulatory to-ing and fro-ing about the jurisdictional parameters of cryptoasset regulation. What has become clear to the industry and hopefully to some of the US politicians in particular over this time, is that there are far too many unnecessarily grey areas overall in
Listen to the Podcast here Since the 2008 crisis, the markets have been asked to put everything on a venue, deliver vast quantities of transparency data, protect the customer and deliver growth. It has taken Europe over 15 years to build a mountain of rules that is millions of paragraphs high and stretches across the
Listen to the Podcast here Central Bank Digital Currencies (CBDCs) are now under central bankers’ microscopes as they explore ways to improve digital commerce, reinforce systemic resilience and preserve the foundational role of fiat money in global finance. Emerging technology for digital identities, fraud detection and other elements of a robust payment solution can be
JWG’s 2021 regulatory reporting research programme has concluded that the industry needs to step back and agree the digital vision for regulatory reporting. So far this year we have had over 20 firms, 10 suppliers, 7 regulators, 5 trade bodies and 3 academic institutions help align ‘top down’ and ‘bottom up’ risk data collection challenges
Sponsored by Accountability is a theme that has been on the industry’s to do list since the Great Financial Crisis. Five years since new senior management regimes started rolling out, global regulators are already raising the bar to include front-office culture audits which apply behavioural science to new culture and conduct measurement. New JWG research
The UK’s data transformation plans and Europe’s integrated reporting strategy are shaking RegTech and SupTech foundations and FS Supervisors need a new, bold and long-term approach to aligning data and technology strategies. As discussed in RRDS 26, the Global Derivatives DRR programme is enabling firms to meet CPMI/IOSCO deadlines in 2021 and offers an excellent
The UK’s Financial Conduct Authority (FCA) Markets in Financial Instruments Directive II “quick fix” consultation signposts issues for further consultation as the onshored regime evolves post-Brexit. At the same time, the paper alerts industry to further consultations — at least two more from the FCA this year — including one contemplating the consequences of Libor
We are pleased to release our 7th RegCast today. Cries for faster, better, and cheaper access to financial services by millions of investors have shaken the markets this year. With advice out of reach for most individuals racing into the markets, they are placing risky bets which are poorly understood. In this episode, Jackson Mueller, Seccurrency, Sam
The group met to discuss the impact beyond the broadsheet news of GameStop hearings on wholesale and retail surveillance agendas and the impact on how firms manage conduct and culture risk?
16 March 2021 TSS 23: GameStop, Conduct Risk, Culture and KPIs Meeting objectives The group met to discuss the impact beyond the broadsheet news of GameStop hearings on wholesale and retail surveillance agendas and the impact on how firms manage conduct and culture risk? TSS Members can access to the 21-page presentation in the members’
We have a great collection of EU, UK, US and Asia Pacific regulators registered to join in our Chatham house rules discussion of integrated reporting with top firms and technology suppliers. Our research has identified a number of key challenges posed by 430C by the much bigger picture imposed upon us by continued technological developments.
We are pleased to release our 3rd RegCast today. This episode shines a spotlight on the new. digital capabilities required to track neo brokers, digital influencers (e.g., roaring kitty) and the new on-line herds of citizens that can influence market pricing (e.g., GameStop). Picking up with Sam Tyfield, Rachel Wolcott and Gavin Stuart where we
The Financial Conduct Authority (FCA) is developing a single-view-of-firm dashboard and other early warning systems to identify and potentially shut down problem firms more quickly, said Nikhil Rathi, chief executive. Upskilling in technology, operations and data science would permit the regulator to design systems to detect misconduct, fight fraud and react more quickly to rapidly
The European Securities and Markets Authority (ESMA) will look at potential risks in neo-brokers’ business models after MEPs raised concerns about payment for order flow (PFOF), short selling and market abuse. Tuesday’s ECON session at the European Parliament was dedicated to discussing the GameStop market event and its impact on EU markets. Steven Maijoor, ESMA’s
The latest episode of RegCast is available now! RegCast 2 covers the UK’s fast moving political and regulatory review process, the key questions they are addressing, and what they are likely to mean for regulators, regulated and their customers. The group discusses past choices and explores the implications of digitizing the future regulatory framework including
As we summarized in our latest Beacon, JWG’s surveillance community has covered quite a patchwork of regulatory obligations over the past 2. In all that time, nothing has pulled all into focus like GameStop. JWG has been digging beyond the broadsheet news to examine what roars from Reddit chat groups will mean to wholesale and
RegTech Beacon – Guiding your way through global regulatory storms. 2021 is off to a fast start with regulators redoubling their efforts to police a more digitally enabled market. In this Members newsletter we provide an overview of what JWG has been up to and what lies ahead. Topics covered: New themes for RegCast. We summarize our research on emerging global digital regulatory themes and
It has been a very busy 2021 and it is a very noisy financial services regulatory marketplace. JWG is pleased to be helping to contextualise the strategic issues in play with a new podcast series called RegCast which you can access here. So what is RegCast? RegCast is an industry spotlight on the business
A UK Government-led forum in its third year. A dynamic and engaging event bringing together the leading public and private sector actors from the UK, China and Southeast Asia to exchange knowledge and innovative practical techniques and solutions to tackle financial crime and related issues. A vibrant and vital interaction between policymakers, regulatory bodies, law
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
The UK’s Prudential Regulation Authority (PRA) has commissioned 11 skilled persons reviews under Section 166 of the Financial Services and Markets Act 2000 into firms’ regulatory reporting in the last two quarters. The PRA commissioned nine prudential s166 reviews of deposit takers in the fourth quarter 2019/20 (December through February), according to publicly available information.
FS Compliance officers have been hit with an unprecedented deluge of 3,021 COVID-19 alerts 2 months into the pandemic, which JWG forecasts to be a total of 15,695 documents by year end. Regulators expect firms to be able to navigate these difficult circumstances while delivering fair outcomes for customers and complying with existing rules. That’s one of the clear messages in these 3,000 plus regulatory updates. Better RegTech tooling is
Firms’ 2020 compliance workplans and risk management strategies have been rendered redundant as the regulatory response to COVID-19 has usurped everyone’s agenda. Regtech companies tracking COVID-19-related regulatory publications say more than 1,300 announcements have been made internationally as regulators roll out pandemic-specific guidelines and relax some rules to help financial institutions manage their businesses. “If
By PJ Di Giammarino Over the past few years, financial services firms have been investigating how to improve trade-related surveillance capabilities and techniques. Expectations from regulators and senior management have been placed under the microscope, mainly due to high surveillance noise levels across all communication channels and asset classes. In tracking this evolution of technologies
By Corrina Stokes RegBeacon illuminates the path for JWG’s third decade It is with pride that we publish the first update from our third decade of working collaboratively to enable better, faster, cheaper and safer regulatory change within Financial Services. It is staggering to step back and look at the breadth of our research agenda. Last year we dove into AML,
By PJ Di Giammarino, CEO JWG Key points: In 2019 JWG tracked 204,469 pages with 60 million words on FS regulatory reform 8 RegTech discussions require senior management attention now and will be debated under Chatham house rule with audience Q&A 6+ regulators, 12+ firms and 8 tech SMEs will debate winning strategies and
By PJ Di Giammarino, CEO JWG and Chair RegTech Council Key points 10 January marked the first day of 5MLD in the EU with new UK procedures announced JWG has been out in front of tough new UBO data quality requirements RegTech offers exciting opportunities to reduce operational pain and increase safety The RegTech Council
JWG RegTech 2.0 conference – Regulators, regulated and leading technologists to explore winning strategies for top 2020-2021 issues London, 6 December 2019 – JWG is pleased to announce that its 5th annual RegTech Conference will be held on 7 February 2020 at the Gouman Tower Hotel in the City of London. At a crucial point of inflection post financial crisis the Financial Services sector faces 374 new legal challenges. New JWG research has revealed low levels of awareness to key shifts in the regulator’s RegTech framework. Specifically: Enabling market ecosystems. New global RegTech/ SupTech policy initiatives Infrastructure risk. FSB, FRB, BoE focus on cloud
Our industry has gotten serious about its approach to climbing the RegTech mountain. Are we sprinting yet? Certainly not, but the course has become much clearer, the participants much more engaged and the contestants in it for real benefits. Public and private sector boards are at a crossroads – but by and large, we are