RegTech IntelligenceAs the Digital Operational Resilience Act (DORA) prepares to reshape the regulatory landscape for digital asset providers by 2025, businesses are under increasing pressure to implement robust operational resilience strategies. As JWG and Memery Crystal’s ‘Decoding DORA’s Digital Asset Impact’ roundtable, held under Chatham House rule with industry experts revealed this month, the distinct challenges
Despite various regulatory initiatives, the road to robust operational resilience is far from clear. We are still very much in the “foothills” of creating effective, adaptable resilience frameworks. Firms and their suppliers should view the Digital Operational Resilience Act (DORA) as the foothills of the Operational Resilience (OpRes) mountain, not the gold standard. By the
This week, ten leading financial institutions gathered at JWG’s Winning the OpRes Marathon roundtable in London to debate the evolving challenges of the Digital Operational Resilience Act (DORA) and other global Operational Resilience (OpRes) regulations. Hosted by First Derivative and facilitated by JWG under the Chatham House Rule, the discussions underscored the urgency for financial
In today’s interconnected world, operational resilience has become a top priority for financial institutions. With the implementation of the EU’s Digital Operational Resilience Act (DORA), organizations are being urged not only to get ready for storms, but to strengthen their overall infrastructure and how their fate is tied to the fleets they sail with. Captains
In the global race for Operational Resilience (OpRes), climbing the DORA hill is the ultimate test for financial entities in Q125. JWG’s analysis reveals that DORA standards equips institutions for the UK’s requirements but the gap between UK obligations and DORA will trip some runners up. The reality is becoming clear: financial entities and their
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
As the deadlines for compliance with new, complex derivatives rules approach, many firms are at risk of facing hefty fines from regulators if they are found wanting. JWG is calling on all firms to join their next global virtual seminar on 29 June to discuss strategies for deploying proven DRR RegTech to manage their regulatory
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.
Executive summary As regulators focus on Operational Resilience firms need to realign their risk frameworks Without this alignment, firms risk overlaps and gaps in their controls Third parties play a key role in aligning controls and service metrics for your board Fines or excessive cost benchmarks are in store for those that get it wrong
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
On Wednesday 14 September, the EU Financial Affairs Sub-Committee heard evidence from Mr. Simon Gleeson, Partner at Clifford Chance, and Mr. Peter Snowdon, Partner at Norton Rose Fulbright, for its Brexit Inquiry into financial services. Over the course of an hour, the discussion focused on how UK firms might hope to invoke rights of ‘equivalence’
On 18 July 2016, ESMA, the European Securities and Markets Authority, published its advice to the European Parliament, the Council and the Commission on extending the Alternative Investment Fund Managers Directive (AIFMD) passport to 12 non-EU countries: Australia, Bermuda, Canada, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Japan, Singapore, Switzerland and the
With the upcoming presidential election on 8 November 2016 and Trump’s growing popularity in the polls over the past few months, it is becoming increasingly important for regulators, banks and other financial institutions to gain a greater understanding of his economic agenda. Well before he launched his current campaign, Trump attacked increased regulation following the
JWG analysis. Euromoney’s article, earlier this year, stated that regulatory arbitrage in Africa is growing as banks begin to establish branches across their borders and exploit regulatory loopholes in the host country. This may result in a lack of accountability due to the frameworks not being in place for consolidated supervision, and is a stark
Today, JWG have published their much anticipated analysis report, ‘G20 FS reform: will you survive or thrive?’. The report surveys regulatory efforts from 131 regulatory bodies which have produced approximately 50,000 documents since 2009. It finds that the volume, pace and complexity of deciding how to comply with a continually evolving regulatory agenda are staggering:
JWG analysis. We learnt something this month. The reason Europe calls it a regulatory ‘hearing’ is that it is an opportunity to hear views from both regulators and the market. Of course, that’s just part of the experience as many other senses are triggered when 400 people are locked in a basement for 2 days,
JWG has extracted the following questions from ESMA‘s Consultation Paper on MiFID/MiFIR Technical Advice. ESMA needs to deliver this advice to the European Commission by December 2014 and is therefore subject to a condensed consultation process for this paper. For more on MiFID/MiFIR see here. Q1. Do you agree with the proposed cumulative conditions to be
Video: Regulatory reform – 2014 helicopter view. Regulation is coming thick and fast. Seventy thousand pages a year fast! Dealing with this deluge with a page-by-page, regulation-by-regulation approach is becoming impossible as the G20 commitments become spread across many rulebooks. This means that firms trying to tackle the changes one-by-one will end up with sky-high implementation
JWG analysis. ESMA has published an updated list of non-EEA central counterparties (CCPs) that have applied for recognition under Article 25 of EMIR. ESMA has taken care to note that the list is not exhaustive and only includes applicants that have agreed to have their name mentioned. Those CCPs that pass the approval process will be permitted
It is common knowledge that the central clearing and risk mitigation requirements apply to any third country firm trading with an EU entity. However, it may come as a surprise that these requirements can also apply to trades purely between two third country entities where such trades have a ‘direct, substantial and foreseeable effect with
Before ESMA left for their summer holidays, they made it abundantly clear that EMIR will apply in one form or another outside of the EU. This threatens to disrupt trading flows globally as early as 15 September. By this date, parties trading derivatives must agree in writing the arrangements under which OTC derivative portfolios will