On Wednesday 22nd January Shield played host to the latest RegTech Women event in London entitled: ‘Mind the gap: Building a successful financial firm / RegTech Partnership’. Here are the key takeaways from that event
As the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) approaches its 10th anniversary, it’s an appropriate time to take a look at how the Act has fared with respect to its impact on market abuse. President Obama signed the 2,300 page Bill into law in 2010 following a reported $19 billion effort. To date, the Act represents the greatest overhaul of the US financial system since The Great Depression.
Unlike GDPR, which focuses on personal data, ePrivacy is much more extensive and includes non-personal data. Although the enactment of the proposed ePrivacy regulations has been slower than expected, legislation enforcing market transparency continues to be a hot topic of debate. For financial institutions, compliance will soon include management of these non-personal data sets such as browser cookies, transaction histories, support queries plus numerous other types of information.
Some financial compliance professionals see the growing presence of smart technologies in compliance as an unnecessary complication of an already complex field. However, nothing can be further from the truth; in fact, AI is making compliance within financial regulations cheaper and easier than ever before by automating surveillance, improving the precision of noncompliance and regulatory change detection, deterring rule violations, and preventing financial crimes and market manipulation.
The European Union’s Markets in Financial Instruments Directive (MiFID II) represents a major leap forward towards improving the integrity of financial markets on the continent.
The European Union’s Markets in Financial Instruments Directive (MiFID II) represents a major leap forward towards improving the integrity of financial markets on the continent. It requires greater scrutiny of possible conflicts of interest and extensive reporting of transaction-related information, among other things, that have forced many financial institutions to scramble to come into compliance.
I’ve been a part of the Shield team for a year now, and the thing that always amazes me, is the fact that no matter how big or small, how tech oriented or not, whether it’s an EU bank or a US one, most compliance officers face the exact same problems and struggles in their day-to-day.
Data can be an excellent resource for firms that are concerned with operational performance and consumer engagement. After all, this type of information provides critical feedback about how companies engage with their customers and employees. Yet like most other resources, data must be managed effectively in order to make sure it delivers its maximum value.
Today’s managers in regulated industries always have to stay one step ahead. They know about upcoming regulations before they become mandatory and prepare their teams for the operational changes necessary for compliance. But while a particular company may have an effective corporate compliance policy, individual managers in the finance and insurance industries may find themselves caught off guard by specific requirements of new agency rules that apply to them directly. This is particularly true in the United Kingdom under the Senior Managers and Certification Regime (SMCR), which is starting to become more heavily enforced by the nation’s financial regulators.