4138 Results from /regulation
Retired Member
I’ve been on both sides of this coin. When I worked in a Financial Intelligence Unit in a major global financial institution, internal audit was looked at as an enemy. Internal auditors were there to play “gotcha” and expose any error, no matter how small. My first thought was not, “how can they help us improve the program?” but rather, “how can w...
27 February 2017 /regulation Financial Services Regulation
I vividly remember my meeting with the newly appointed CEO of a regional Telco in continental Europe late in the summer of 2012. The CEO looked visibly worried when he entered the room. As it turned out, he just met his CMO to discuss new product offerings for Christmas, which he thought were for the same year but were actually for the following s...
24 February 2017 /regulation
The general public can be incredibly suspicious, especially when it comes to the sales environment in financial services. Many clients of both secured and unsecured loan brokers will happily listen to their guidance, only to view with scepticism the products the broker eventually recommends. In most cases this is because the client, rightly or othe...
22 February 2017 /regulation Innovation in Financial Services
Tom Hay Principal Consultant at Payment Systems Europe
As a European directive, PSD2 has to be transposed into UK law. HM Treasury has recently launched a consultation inviting comment on the proposed legislative changes. The consultation document is written in plain English, and explains some of the issues very clearly. The directive is aimed at “maximum harmonisation”, which means that national la
22 February 2017 /payments /regulation
Thomas the crossing network wasn't happy. For years he had enjoyed helping his friends buy and sell things amongst themselves. Sometimes he would even step in directly and agree to buy or sell something himself, especially if there was there was an awful lot of it. But now he had a tricky choice to make. The ruler of the land, The Regulator, had b...
22 February 2017 /regulation MiFID
On 21st February, Andrea Enria, the Chairperson of the EBA, presented at the Westminster Forum and provided some early insights into the progress of their PSD2 Regulatory Technical Framework (RTS) work. The publication of the PSD2 RTS has been delayed a number of times, so Andrea's comments provide some useful previews of the draft RTS which shoul...
21 February 2017 /payments /regulation
Ivy Schmerken Editorial Director at FlexTrade Systems
After more than a decade of debate, regulators are poised to act on a pilot for maker-or-taker pricing, a practice whereby market makers are paid a rebate to add liquidity and are charged a fee to remove liquidity by electronic trading venues. The SEC’s Equity Market Structure Advisory Committee (EMSAC) has recommended to move forward with a pilot ...
15 February 2017 /regulation
Implementing pan-European financial regulation is no easy feat. Finding agreement across 28 member states and translation into vastly differently legal systems is a true challenge. It comes as no surprise that those projects are regularly subject to delays. Against that backdrop, it is most welcome that ESMA is again requesting the power to issue a...
15 February 2017 /regulation /wholesale
GDPR should make life a lot easier in some ways. If you’re doing business in Europe, it makes sense to be dealing with a set of standard regulations rather than navigating through individual markets’ rules. But the penalties are going to be much tougher for companies that get it wrong. I’d bet that most financial institutions – and they’ll be th...
13 February 2017 /security /regulation
Anthony Walton CEO at Iliad Solutions
A combination of ‘big data analytics’ and ‘distributed ledger technology’ could help financial institutions combat escalating levels of financial crime. This is the view of the FCA, the UK’s financial regulator. Andrew Bailey, the CEO, has a clear view on what should happen over the coming years: “If ever there was an area that strikes me as ripe ...
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