Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

Roberto Garavaglia Independent Advisor at Innovative Payments & blockchain Strategic Advisor

Brexit and digital payments: what are the impacts for the future

Since the stroke of midnight on 31 January 2020, United Kingdom 'is out', to use the same wording we have seen appearing in London's squares, to mark the country's exit from the European Union. Beyond an all too lively and often vague narration of the economic consequences that such a step, now taken, could have on the old continent (and not only)...

16 February 2020 /payments

René Hendrikse Vice President & Managing Director, EMEA & LATAM at Mitek

Curing the KYC compliance challenge with AI

Jokingly dubbed "deal prevention units" by some front-office staff, compliance teams now have the third most-stressful City jobs after that of an investment banker and a trader. Pre-crisis, pre-Brexit and pre-cybercrime, compliance used to be (almost!) a stress-free job with regular hours. As regulatory pressure intensifies and personal ...

04 February 2020 /ai /regulation

John Pucciarelli Director of Strategic Initiatives at AcadiaSoft

Regulation: A Surprising Catalyst for Innovation

Created in response to the global financial crisis, the Uncleared Margin Rules (UMR) are one of the most consequential regulatory events for the derivatives industry in recent years. While the rules were designed to reduce systemic risk, they have also led to a boom in technological innovation and standardization. Though not the original intention...

03 February 2020 /regulation

Retired Member 

We Need More Clarity to Regulate Digital Assets on a Global Scale

Anyone who has spent more than a day in the space acknowledges the urgent need for more clarity on a host of issues related to digital assets, which is to say that regulating markets for digital assets is going to be one of the main priorities in the years to come. The EU's Fifth Money Laundering Directive (5MLD) came into effect on Jan 10 in para...

30 January 2020 /regulation

Retired Member 

A New Dawn for CMCs

What does the future holds for Claims Management Companies? The PPI mis-selling scandal saw the emergence of a new industry with the birth of Claims Management Companies (CMCs). Producing riches for CMC bosses, and employing 20,000 people at its height, the CMC industry was unique to the UK, perfectly placed to help consumers secure PPI compensati...

27 January 2020 /regulation /retail

Retired Member 

New FinTech Data Raises Questions and Regulatory Policy Issues

2020's FinTech policy cycle started relatively quietly today with an interesting set of FinTech data from De Nederlandsche Bank (the Dutch Central Bank): Working Paper No. 663 "The Economic Forces Driving Fintech Adoption Across Countries." The data in the report provide a solid overview of the global scale of the FinTech industry. Sp...

06 January 2020 /regulation

Michael Chambers Director | Head of Prudential at Wheelhouse Advisors

Record fine issued for governance and control failings over regulatory reporting

Yesterday, the UK arm of a large international banking group was fined £44 million for prolonged and pervasive shortcomings in its internal controls and governance arrangements around capital and liquidity adequacy and regulatory reporting. The record fine highlights the importance of regulated firms designing, implementing and operating appropria...

29 November 2019 /regulation /retail

Michael Chambers Director | Head of Prudential at Wheelhouse Advisors

A prudential end of year to-do list

With calendar year end right around the corner, now is a good time to think ahead about the annual review of your firm’s prudential governance arrangements. It’s a good time to sit down with a cup of coffee and reflect on the FCA’s consultation paper (or “CP”) from earlier this year; ‘Consultation 19/20: Our framework: assessing adequate financial...

29 November 2019 /regulation

Retired Member 

Using automation to decrease risk in outsourcing for financial service organisations

Earlier this year, the European Banking Authority (EBA) issued its Guidelines on Outsourcing Arrangements, which highlighted areas of risk to banks and other financial organisations, relating to outsourced contracts. When we think of the potential risks of outsourcing, we tend to think about vulnerabilities that might lead to a cyber attack or bre...

05 November 2019 /regulation

Retired Member 

Best Execution in the US: Three Things Broker-Dealers Need to Think About

As we head into 2020, US broker-dealers are preparing for new mandates on how they report transactions back to customers. The requirements – established by the Securities and Exchange Commission’s (SEC) updates to Rule 606 – aim to bring investors greater transparency and an assurance that orders are handled in line with the principles of best exe...

17 October 2019 /regulation