Regulation & Compliance

As MiFID II nears, this Risk Officer is already looking forward to February

After dealing with the biggest regulatory upheaval for his industry in more than a decade, the next few weeks can’t pass quickly enough for Mark Burke, Chief Risk and Compliance Officer at Mediolanum Asset Management, a Dublin-based business managing around $45 billion for clients. Compliance officers have been pushed into the limelight as firms rush »

Worst MiFID scenario? Tech glitches, “fat fingers” and lock outs

Banks and asset managers have spent years preparing for the revised Markets in Financial Instruments Directive as regulators try to prevent another financial crisis by boosting transparency. Some still are not ready and, with less than two weeks to go, technology and compliance staff at financial companies face working over the holiday period as they »

Nordea Open Banking is live

Nordea, the Scandinavian banking group, has announced that over 1,000 external developers have completed testing of open application programming interfaces (APIs) and associated services bringing the bank one step closer to the world of open banking. Nordea will now connect the APIs to its production system making it the first Nordic bank to offer its »

Singapore regulator could welcome ICOs to sandbox

Singapore’s financial regulator would consider trialling some initial coin offerings (ICOs) in a regulatory sandbox, if such fundraising efforts are by companies focused on new technology that will improve the efficiency of capital markets. The Monetary Authority of Singapore (MAS) Chief Fintech Officer, Sopnendu Mohanty, said at the Singapore Fintech Festival earlier this week that »

Consultation period on PSD2 closes

Today marks a pivotal moment in banks’ and payment providers’ PSD2 preparations as the European Banking Authority (EBA) closes its consultation period on fraud reporting responsibilities. Increased anti-fraud mechanisms under PSD2 mean that banks and payment providers will need to ensure that high-level fraud reporting is undertaken. The new rules will mean that firms will »

Robots in finance bring new risks to stability, regulators warn

A study published by the Financial Stability Board (FSB), a panel of regulators that includes the U.S. Federal Reserve and European Central Bank, has revealed that the financial industry’s rush to adopt AI threatens to inject risks into the financial system and “amplify financial shocks”. The FSB, headed by Bank of England Governor Mark Carney, »

New rules to enhance Australia’s regulatory sandbox

Under proposed changes to Australian legislation, businesses will be able to test new and innovative financial technology products and services in an “enhanced regulatory sandbox”, the Australian Treasury announced last week. Consultation on the draft legislation is now open, and will remain so until 3 November 2017. Plans for the legislative reforms were announced in »

SQS results for H1 hit by banking client loss

SQS results for H1 hit by banking client loss

SQS, the Cologne and London-listed software testing service provider, revealed on September 13 that the loss of a major banking client had contributed to the a decrease in revenues for the first half of 2017. The lost contract was worth €7.0m, SQS said, leading to a like-for-like revenue decrease of 3.9% to €160.1m, compared to »

Caribbean-based insurance providers, Advantage, choose Graphite GTC platform for software improvement

The Graphite GTC platform serves business owners in risk management and financial planning and says its tools and technology enable the development of large-scale software projects and applications. Advantage said it will use the no-code development platform to build business processes related to insurance and data management. It said the GTC platform will develop more »

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Hackers exploited a website application to access names, addresses, Social Security numbers and some driver’s license numbers of potentially 143 million consumers, Equifax said Thursday in a statement. The incident — which drove down shares in after-hours trading — is a stark reminder of the risk of consumers’ personal data being exposed online, security experts »

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