RegTech IntelligenceThe UK Financial Services Regulatory Initiatives Forum released its second major Regulatory Initiatives Grid update of the year and the 7th edition of the Grid overall. Over three dozen new initiatives have been added to last year’s plan (JWG Grid 6 analysis here) taking into account the summer update which flagged the significance of Financial
London, UK – 17 October 2023 – JWG, the trusted financial services regulatory intelligence company, has been honoured with four more industry awards. Global Business & Finance Magazine has named JWG’s cutting edge regulatory technology (RegTech) solution as the Best RegTech Innovation of 2023. Meanwhile, Corporate LiveWire has named JWG as the Networking Platform of
New JWG research JWG, the trusted financial services regulatory intelligence company, has announced the publication of a ground-breaking research paper ‘Embedded Compliance Unlocked: Leverage AI-enabled compliance tooling now to be ready for 2025.’ With the relentless demand for improved compliance and cost/income ratios, financial institutions of all sizes are experiencing pressure to upgrade their approaches.
This report is intended to help senior IT, Risk and Compliance managers to understand new regulatory demands and their implication on investment firms and their suppliers
New JWG research JWG, the trusted financial services regulatory intelligence company, has announced the publication of a ground-breaking research paper ‘Embedded Compliance Unlocked: Leverage AI-enabled compliance tooling now to be ready for 2025.’ With the relentless demand for improved compliance and cost/income ratios, financial institutions of all sizes are experiencing pressure to upgrade their approaches.
JWG’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. Register for 7 February 2024 About the JWG RegTech agenda Long recognised as the first, biggest and most professional public/private sector agenda debate, JWG is continuing
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
Digital Operational Resilience Act (DORA) technical standards, due to come into force in January 2025 have been released to a quick retort from industry. AFME and EACB warn of missing data, confused risk controls to implement tough new data and reporting requirements. Firms and their suppliers now have a little over 400 working days to
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
London, UK – 21 June 2023 – JWG, the trusted financial services regulatory intelligence company, is thrilled to announce that for the second year running AI-Publishing has recognized JWG for its global RegTech efforts. “JWG’s tireless dedication to assisting finance professionals across the world to remain compliant with the latest regulation changes, makes them 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
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
London, UK – 5 May 2023 – JWG, the trusted financial services regulatory intelligence company, is thrilled to announce that our global RegTech efforts have once again been recognized, this time by Feedspot, naming us one of the Top 10 global RegTech Blogs. This latest accolade is a testament to our commitment to delivering cutting-edge solutions
JWG’s 22 March 2023 Trading Compliance Seminar brought together an all-star cast of over 20 experts who discussed plans for the latest MiFID Review, Market Data changes, CTP, MAR, ESG data demands, MiCA and UK digital asset efforts. These experts did an outstanding job in putting regulatory demands into context and provide delegates with valuable
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
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
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.
Many of the financial regulatory reforms announced in Edinburgh on Friday by Jeremy Hunt, Chancellor of the Exchequer, had a familiar ring to them. Banks, investment firms and anyone selling products to or into the UK market will need to engage with the detail of what was published. “The Edinburgh Reforms seize on our Brexit
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
Regulators don’t just want firms to read what they put on their websites, they want them to prove their risk and control frameworks do what they say. RegTech now enables firms to interpret their requirements and provide businesses with an opportunity to bring costs down and avoid regulatory actions that can put the business ‘on
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
New policy efforts in by Australian, US, UK, EU and International rule setters will widen the scope of regulatory oversight for financial institutions to include ‘how’ the business runs. As we have seen with US Federal reserve consultation released this week, boards are on the hook for a holistic approach to ensuring their digital infrastructure
New UK and EU regulations are forcing banks to demand new controls from their suppliers. Not only do they now need a comprehensive view of how each supplier fits in, but they also need to know how to swap them out. Senior managers across the bank should be working to establish plans now for these
Think-tank JWG urges Financial Services firms to collaborate with suppliers to close infrastructure gaps as fines loom London, UK – 13 September, 2022 – JWG, the trusted financial services regulatory intelligence company, has announced the publication of a ground-breaking research paper ‘Managing Digital Infrastructure Risk: a collaborative path to financial services safety’. New regulation will fundamentally
This report is a companion guide to a larger research report, ‘Managing Digital Infrastructure Risk: A collaborative path to financial services safety’ produced by JWG. It is intended to help IT managers understand the implication of new regulatory demands on the IT supply chain.
This report is intended to help senior IT, Risk and Compliance managers to understand new regulatory demands and their implication on investment firms and their suppliers
JWG, the trusted financial services regulatory intelligence company, has announced the publication of a ground-breaking research paper ‘Managing Digital Infrastructure Risk: a collaborative path to financial services safety’. New regulation will fundamentally change the landscape for the biggest tech companies–particularly cloud providers. By 2025, overlapping requirements to mitigate operational resilience threats (UK PS6/21,DORA); control third
In our sixth Digital Reporting Taskforce meeting last week a global group of regulators, firms and suppliers discussed: An IIF Digital Economic Cooperation framework Problem statements for Identification and standards Messaging needs for senior management. The minutes can be found along with the meeting materials here. The next meeting, DRTF7 in October we will focus
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 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
Distributed Ledger Technology (DLT) holds great promise for Financial Services and is being used to transform some markets. In advance of JWG’s 5 April Digital Assets virtual Seminar JWG brought Alex Dorfmann, SIX, Dan Doney, Securrency, Peter Randall, SETL and Tom Zschach, SWIFT together to discuss what digital assets mean for TradFi practitioners, the opportunities
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
In our fifth meeting, a global group of regulators, firms and suppliers discussed two key regulatory reporting problem statements and identified options to solve them, the considerations, potential paths and barriers. The minutes can be found along with the meeting materials here. The next meeting, DRTF6 on 14 June will review additional problem statements. JWG
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.
In our fourth meeting, a global group of regulators, firms and suppliers discussed two key regulatory reporting problem statements and identified options to solve them, the considerations, potential paths and barriers. The minutes can be found along with the meeting materials here. The next meeting, DRTF5 on 8 February will review additional problem statements. JWG
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
In our third meeting, a global group of regulators, firms and suppliers discussed the new risk system design criteria and specifications, objectives, and migration paths. The minutes can be found along with the meeting materials here. The next meeting, DRTF4 on 14 December will review feedback received at DRTF3 and the JWG Annual Conference JWG
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,
In our second meeting, a global group of regulators, firms and suppliers discussed the changes in the regulatory building blocks required and quickly identified components which could be assembled to define a new paradigm for risk information collection. The next meeting will focus on a new paradigm for collecting risk information from a digital system
JWG Q421 research reveals major regulatory battles for information on third parties in 2022, which has massive implications for FS suppliers. Combined with Cloud, AI and other new controls, knowing your supply chain just became a lot more critical and complicated. Without standard supply chain messages, regulators, regulated firms and their suppliers run the
Technology, data and infrastructure provision to banks now puts 3rd parties on the critical path for systemic oversight. Knowing your supply chain just became a lot more critical and complicated. There is an opportunity to take the pain away with a more joined up approach that requires senior engagement, trust and ‘safe space’
In our first meeting, a global group of regulators, firms and suppliers discussed the changes in the regulatory reporting story, the building blocks required, stakeholders to engage and the collaborative mode of working we would like to establish. At this next meeting we will start with 4 building blocks, identify targets and highlight gaps to
Financial services are digitizing fast but there is much more public and private sectors can do to deliver reporting controls which fulfil supervisory mandates in a digital age. With support from top regulators, financial institutions, and vendors JWG is launching a task force to 1) define a future target operating model for the regulatory reporting
Why attend for Sponsors Why attend for Delegates Register Now For our sixth annual RegTech conference we are bringing our global network of regulators, trade associations, academia, firms and leading technologists together to define the top challenges facing both private and public sector and debating potential strategies to overcome them. Our global regulatory debate
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
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
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.
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
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
Donna Bales, Co-Founder and Member of the Board of the Canadian RegTech Association and PJ Di Giammarino, Founder and CEO of JWG Group were honoured to participate in the Canadian Institute’s 26th Annual Flagship Conference on Regulatory Compliance for Financial Institutions. The trans-Atlantic debate, ‘Assessing 10 Opportunities in the RegTech, FinTech and the
JWG is thrilled to announce the 5th annual installment of its premier conference the “RegTech 2.0” which will be held on 7th February 2020, in the City of London. We are proud to say that over the past 4 years our Conference has continued to receive fantastic positive feedback, becoming a hallmark event featuring on such
JWG is thrilled to announce the 5th annual installment of its premier conference the “RegTech 2.0” which will be held on 7th February 2020, in the City of London. We are proud to say that over the past 4 years our Conference has continued to receive fantastic positive feedback, becoming a hallmark event featuring on such
For years the industry has been at work on the construction site of MiFID II. This has produced a building of basic structural integrity, but one that remains incomplete, and one that has required such a singular focus that surrounding constructions have been neglected. MiFID II is one of the biggest regulatory changes since the
It has been nearly four years since the implementation of CRR/CRD IV which cover prudential rules for banks, building societies and investment firms with the main aim of reducing the likelihood that these financial institutions will become insolvent. To an extent, this reflects the Basel III rules on capital measurement and capital standards which is
One of the costliest and most troublesome activities that financial institutions face is complying with regulations. With information technology having already revolutionised consumer financial products, business models, applications, processes and services otherwise known as “FinTech,” it is less well known that information technology could also be used to help financial institutions meet the growing regulatory
On 3 February 2017, President Trump announced in a press briefing that “we expect to be cutting a lot of Dodd-Frank” because “so many people, friends of mine, with nice businesses” had been stifled by regulations and therefore faced difficulties acquiring loans. Later that day, Trump signed Executive Order 13772, which established the agenda for
On 23 November 2016, the European Commission published its proposal for a comprehensive reform package aimed at continuing risk reduction and to further strengthen resilience across the European banking system. Included within these proposals are amendments to the current capital requirements (CRR/CRD) and resolution framework (BRRD/SRM). The Capital Requirements Regulation (CRR) and Directive (CRD IV,
2016 has added tens of thousands of new regulatory pages to the pile, which has kept us, at JWG, very busy boys and girls. Unlike the last decade, however this year has been about unexpected twists and turns in the road: It’s been a year of MiFID II/R panic, implementation delays, regulators waking up to
The Federal Reserve Board published a final enhanced supervision rule, known as Regulation YY, on 18 February, 2014. This regulation implements certain provisions of Section 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish enhanced prudential standards for large US bank holding companies (BHC) and foreign banking organisations (FBO).
Fitch Ratings, one of the largest three credit rating agencies, released a report on 11 September 2016 on how the Reserve Bank of India’s (RBI) increase in capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers. They emphasised that government owned banks are the
On 18 August 2016, the Financial Stability Board (FSB) published two final guidance papers for authorities and firms as part of the agenda to end the “too big to fail” risk. Some progress is being made, and the FSB has said that “banks have begun to develop issuance strategies to meet new total loss-absorbing capacity
The Global Financial Markets Association (GFMA), a banking lobby, has warned regulators that new rules must be closely examined to assess their impact on the global financial markets. This comes as a result of the proposed changes to capital requirements that the Basel Committee is currently implementing. These changes to capital requirements could have a
The 2016 edition of the World Economic Forum’s annual Global Risks Report lists “failure of climate-change mitigation and adaptation” as the greatest risk facing the world over the next 10 years. That was the collective judgment of 742 surveyed experts and decision makers drawn from business, academia, civil society and the public sector. Last year’s
On 25 May, the Financial Stability Board (FSB) reported on jurisdictional progress in implementing their policy framework for strengthening oversight and regulation of shadow banking entities. Shadow banking emerged as a financial stability priority following the events of the financial crisis in 2008, when a number of non-bank financial entities entered into liquidation due to
In November, the Financial Conduct Authority issued a call for input on facilitating the development and adoption of RegTech, or the use of technology to solve critical problems in compliance. JWG argued that new and proven tools can be employed but, to do so, the industry must first collaborate in a ‘RegTech commons’ to set
The Fundamental Review of the Trading Book (FRTB) final text was published in January 2016 by the Basel Committee (BCBS). The aims of the FRTB BCBS standards are to better factor market risk into trading book risk models, and to prevent banks moving instruments between the trading book and the banking book in order to
In a week which has seen cyber-risk cement itself on the agendas of regulators across the world, we’ve witnessed action in the trading space with plenty of developments occurring in Europe’s markets in financial instruments’ overhaul, as well as a concerted effort to rethink the way in which regulations and regulators work in the financial services industry.
On 1 April 2016, the European Commission’s Delegated Regulation (EU) 2016/467 relating to Solvency II – the European risk-based capital regime – was published into the Official Journal of the EU. This covers the new risk charges imposed on insurers’ equity and debt investment in infrastructure projects. Based on advice from the European Insurance and
In the post-Easter week, regulators were busy shining a spotlight on remuneration practices in the industry. We saw the EBA releasing a report looking at the high earners in EU banks and ESMA focusing on sound remuneration policies under the UCITS Directive and AIFMD. The FSB also met in Tokyo to discuss their priorities for
Following the announcement of a landmark deal on international cooperation over tax avoidance last week, Tuesday saw the signing of a transatlantic pact on data transfer. Even when the EU are in the process of stocktaking the cumulative effects of regulation so far, there is clearly no break in the ongoing pace of financial markets
After a long week at Davos, there are a number of interesting conclusions from this year’s World Economic Forum. China appears to have come out less of a worry than it was when it went in, with the IMF’s Christine Lagarde stating that the country is going through a transitional stage towards sustainable growth, and
The new year has not brought any better luck for China’s economy. As stocks continue to slump, the People’s Bank has again devalued the Yuan to somewhat limited results. Meanwhile the debate over how best to control Wall Street is getting no less fiery. Bernie Sanders has made clear his intentions to ringfence investment banks
Add another category to the ever expanding list of risks posed to the financial sector with the new kid on the block: Climate Change. Climate risk has now expanded beyond sheer physical damage to companies and their assets to encompass the risks posed by investments in fossil fuels and their rapidly declining value. In response
With Stefan Ingves, Chairman of the Basel Committee on Banking Supervision, attending last week’s Institute of International Finance (IIF) Annual Membership Meeting in Lima, the Basel III topic made its way into the discussion. Looking ahead to the next twelve to eighteen months, Mr Ingves highlighted that the Committee’s policy agenda would be focused on
By Helen Pykhova, Director, The OpRisk Company, and Meredith Gibson, Head of Legal Risk, Santander UK. Introduction The reader will agree that we live in the age of regulation. There is an enormous amount of change coming out of the new legislative and regulatory publications and the sheer number, scale and complexity of the initiatives
JWG analysis. Following the introduction of the new ringfencing law, due to come into force 1 January 2019, the biggest UK banks strongly voiced their concerns. Although this new law will be difficult (and expensive!) for all banks involved to implement, firms with more global and diversified business models are facing additional complexities. In particular,
Helen Pykhova, Director, The OpRisk Company, and Elizabeth Roberts, Managing Director, Sheffield Haworth, share their thoughts on the identity of an operational risk professional. Over recent years, the importance of the operational risk profession within financial services has undoubtedly increased. This has been due to a number of reasons, such as major corporate failures and
JWG analysis. On 21 July 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank for short) into law. Since its inception, the number of pages of Dodd-Frank related rules has risen to 22,296, representing over a 550% increase on the 4,049 pages released in the first year. It may have
JWG analysis. With a number of regulatory deadlines looming, we thought we’d remind you of another one – mark January 2017 in your calendars (if you haven’t already) for MiFID II. The aftermath of the recent financial crisis exposed weaknesses within Europe’s current Economic and Monetary Union and highlighted the need to strengthen it. Although
JWG analysis. As we pointed out in our third piece on regulatory reporting, and at an Infoline conference for the buy-side this week in London, the overarching question is how will firms’ derivative activity be judged to be ‘good enough’ in 2017? There is no single answer, and we won’t really know until the results
JWG analysis. While most of us basked in the holiday spirit, the regulatory Grinches were hard at work. In the two-week period between 19 December and 2 January, regulatory bodies in the UK, EU and US alone published over 40 critical documents. JWG’s tracking revealed a broad range of subjects. CRD IV/CRR, BRRD, UCITS V,
JWG analysis. 60 attendees across the buy and sell-sides came together at Markit’s seminar in Stockholm last month to discuss today’s industry challenges. They concluded that a new focus on establishing a flexible banking operating model to meet both business and regulatory demands for data, processes and standards, is top on their wish list for 2015.
JWG analysis. The challenges of gaining oversight over the financial system are not going unnoticed. We come back from the summer holidays with 5 leading indicators that suggest we are on the brink of bad news. Bad news that is likely to spread far and wide. Firstly, in a new report, the US Government Accountability
In our previous articles we’ve explored the expanding requirements for robust systems and risk controls under MiFID II, the nature of proportionality as it relates to algorithmic trading and the new accountability implications for senior managers. This article, written by Meredith Gibson, Head of Legal Risk, Santander UK plc and Helen Pykhova, Director, The Op