Governance
Fed Launches New Oversight Unit for Complex Financial Tech Partnerships and Crypto Activities
The US Federal Reserve is establishing a novel supervisory division dedicated to overseeing intricate technological collaborations between financial institutions and non-banks, crypto-related operations, and the adoption of blockchain solutions.
SEC Implements New Regulations Requiring Material Cybersecurity Disclosures by Companies
The Securities and Exchange Commission (SEC) recently implemented new regulations mandating companies to disclose significant cybersecurity incidents they encounter, along with material information about their cybersecurity risk management, strategy, and governance on an annual basis.
NZ regulator consults on new rules for boosting operational and cyber resilience
Source: New Zealand Financial Market Authority
The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – today released a consultation document on its proposal to introduce a new standard condition for certain financial market licence holders.
UK Parliamentary Group Urges Urgent Cryptocurrency Regulation and Appointment of 'Crypto Tsar
After conducting a thorough 10-month inquiry, a bipartisan group of Members of Parliament (MPs) and Lords in the UK Parliament has called for immediate regulation of the cryptocurrency sector and the appointment of a 'Crypto Tsar' to coordinate the government's approach.
UK Treasury Rejects Call to Regulate Crypto Trading as Gambling, Favors Financial Services Framework
The UK Treasury firmly rejects parliamentary committee's call to regulate consumer trading of unbacked cryptocurrencies as gambling.
JPMorgan Chase Fined $4 Million by SEC for Accidental Deletion of 47 Million Email
SEC Fines JPMorgan Chase $4 Million for Accidental Deletion of 47 Million Emails.
Japanese Privacy Watchdog Warns OpenAI over Sensitive Data Collection
The Personal Information Protection Commission, a privacy watchdog in Japan, has issued a cautionary notice to OpenAI regarding the collection of sensitive data without obtaining individuals' consent.
Financial Stability Board Publishes Global Regulatory Framework for Crypto-Asset Activities
The Financial Stability Board (FSB) has unveiled a comprehensive global regulatory framework for crypto-asset activities, centering around the principle of 'same activity, same risk, same regulation'.
ADGM implements sustainable finance regulatory framework
Source: ADGM
Abu Dhabi Global Market (ADGM) today announced the implementation of its sustainable finance regulatory framework with immediate effect, following significant support received through public consultation, reinforcing its position as a leading sustainable financial hub and a natural hub for sustainable finance activities.
G7 Officials to Convene in Japan to Address Challenges of Generative AI: Focus on Governance and Regulation
On May 30th, national officials from the G7 countries will convene in Japan to address the challenges presented by generative AI tools, such as ChatGPT.
US Judge Rules in Favor of Ripple in Securities Case, XRP Soars in Price
In a significant victory for the cryptocurrency industry, a US judge has determined that Ripple's sale of the XRP token on public exchanges and through algorithms did not violate federal securities law.
UK regulators set out next steps to help UK open banking grow
Source: FCA
The Joint Regulatory Oversight Committee (JROC) has today set out an ambitious programme of work to take forward recommendations for the next phase of open banking in the UK.
NYDFS fines OneMain for cybersecurity violations
Source: NYDFS
Superintendent of Financial Services Adrienne A. Harris announced today that OneMain Financial Group LLC (“OneMain”) will pay a $4.25 million penalty to New York State for violations of DFS’s Cybersecurity Regulation (23 NYCRR Part 500).