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03 Oct

Regulation YY: enhanced prudential standards

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).  Read More

24 Sep

Operational risk and regulatory change

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 Read More

25 Sep

New research: Five years on, G20 regulatory risk is a top priority for senior executives

  • 25th September 2014
  • RegTechFS

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: Read More

10 Sep

MiFID II set to expand op risk remit?

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 Read More

24 Jul

MiFID II: does the first line of defence now own ‘good’?

JWG analysis. At the turn of the century, the framers of the UK’s financial infrastructure rulebook enshrined four fundamental concepts into systems and controls practice.  The rulebook in question is the Financial Services and Markets Act 2000 (FSMA), which created the FSA.  (The FSA was then subsequently split into the FCA and the PRA in Read More

30 Jan

Two new EU regulations to add to your roadmap in 2014

By Conor Foley, Hume Brophy.  This alert summarises the key provisions of the proposed Regulation on structural measures improving resilience of EU credit institutions (SBR proposal) and the proposed Regulation on reporting and transparency of securities financing transactions (TSFT proposal). Both proposals were published on 29 January by the European Commission and follow the 2012 Read More

26 Sep

The cost of doing nothing: TD Bank’s AML fine highlights operational risk hazards for smaller firms

  • 26th September 2013
  • RegTechFS

On 24 September, TD Bank was fined nearly $90 million from US federal authorities for failing to accurately detect and report suspicious banking activity arising from one of its clients, Scott Rothstein, who was charged with racketeering and having operated a large Ponzi scheme to the tune of $900 million. Suspicious activity was detected by Read More

22 Jul

Stuck inside the ring-fence? Just marry a millionaire

On Thursday, consultation opened on secondary legislation from the Banking Reform Bill, which centres on implementing the Vickers recommendations to ring-fence retail banking activities. The legislation will have potentially large consequences for KYC on-boarding, risk and corporate governance. Banks are required to identify and report their ‘core’ and ‘non-core’ deposits. Core deposits must be held Read More

15 May

Mind your conduct! Stricter product governance surveillance/early intervention key features of new FCA paper

  • 15th May 2013
  • RegTechFS

The FCA approach to conduct risk may require significant adjustments to governance in both the front and back office, with initiatives on product development, sales and marketing, and management information (MI) collection and use. Given the similarities with a recent release on conduct in interest-only mortgages, this suggests an emerging trend towards more on-going surveillance Read More