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Sleepless nights: Lack of RRP consensus worries boards
Archive
24 Sep
2013

Sleepless nights: Lack of RRP consensus worries boards

  • 24th September 2013
  • RegTechFS

With criminal penalties for bank mismanagement, the absence of clear standards for banks’ recovery plans leaves outliers feeling exposed, so what should you do? The EBA recently received industry responses to two consultation papers it issued in May. They concern technical standards on scenarios banks should use to test their recovery plans, and how RRPs Read More

19 Sep
2013

EULIBOR: EU unveils benchmark intervention powers

By: Conor Foley & Anna Sedzik.  This memo summarises key provisions of the draft proposal for a Regulation of the European Parliament and of the Council on indices used as benchmarks (IBR) and next steps in the legislative review process.1 1. Key point summary (1) If adopted, the proposed legislation would apply to all benchmarks that are Read More

18 Jul
2013

FATCA delayed six months

The Internal Revenue Service (IRS) and the US Department of the Treasury has revised the timelines for implementing reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). These delays are very welcome to firms, particularly FFIs, still facing uncertain requirements and a short implementation timeframe. Withholding on U.S. source income, such as Read More

05 Jul
2013

FATF guidance update: New AML standards on PEPs, sanctions, and mobile payments

  • 5th July 2013
  • RegTechFS

The Financial Action Task Force (FATF) has been very busy. The outcomes of their recent plenary meeting have been released alongside a small library of guidance documents. The FATF have released guidance on how countries and the private sector should handle the money-laundering risks associated with prepaid cards, mobile payments and digital currencies. After extensive Read More

25 Feb
2013

Outsourcing: increasingly risky business?

More stringent restrictions on outsourcing arrangements affecting all suppliers could lead to increased costs across the board for financial services firms. Since the 1980s, outsourcing has been a way to leverage global wage imbalances to lower the cost/income ratios of the banking industry. The rules of the game changed in 2007, with MiFID controlling how Read More

11 Oct
2012

Check your SYSC benchmarks

The Office of Compliance Inspections and Examinations (SEC, FINRA, NYSE) has released an assessment of 19 firms regarding their controls to prevent misuse of material, non-public information. While not legally binding, this development is important because this is the first comprehensive statement in years regarding a regulatory view of a firms systems and controls for Read More

09 Oct
2012

The cost of not monitoring your customer

  • 9th October 2012
  • RegTechFS

When the G20 first revealed its plans in April 2009, the scale and scope of new reforms was all encompassing. Now, we are seeing how serious the regulatory community is about them. The battle to know your customer provides a first glimpse of just how seriously the industry will take the new reforms. At the Read More

10 Sep
2012

HFT: On the brink of definitive new controls?

  • 10th September 2012
  • RegTechFS

Thanks to technological hiccup after technological hiccup, High Frequency Trading (HFT) remains a permanent fixture in the financial press. With each blip, regulators and politicians promise to regulate HFT, but how they are going to put effective controls in place is still an open question. Despite the noise, the issues with HFT remain the same. Read More