UK regulators have given British financial firms a three-month deadline to demonstrate their operational resilience in the event of a cyber attack or IT breakdown.
The demand by the Bank of England and the Financial Conduct Authority for banks to report on their exposure to risk and contingency planning for disruptive outages comes on the heels of a disastrous IT upgrade at TSB and the recent black out of the Visa network.
A much anticipated report from the US Treasury on regulatory reforms for the fintech sector is set to recommend the use of regulatory sandboxes and fintech charters at both a state and federal level.
The European Banking Authority (EBA) published today an Opinion on the implementation of the regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication (CSC), which will apply from 14 September 2019. In the Opinion, the EBA clarifies a number of issues identified by market participants and Competent Authorities (CAs) to assist in this implementation.
International securities regulators are to establish a 'Fintech Network' to share information and knowledge on emerging technologies and risks to the financial system.
At its annual meeting in Budapest this week, the International Organisation of Securities Commissions (Iosco) earmarked the challenges of fintech and digitilsation as one of four top areas of focus for the coming year.
The UK cryptocurrency community is calling on the Government and the Financial Conduct Authority to toughen up rules governing the trading of virtual currencies and to issue licenses to firms which demonstrate compliance.
The Bank of England has been looking into how distributed ledgers can be configured to enable privacy amongst participants whilst keeping data shared across a network and enabling regulators to view all transactions.
A former Equifax executive has been charged by US authorities with insider trading, accused of selling off all of his stock in the credit rating agency last summer before it revealed it had suffered a massive data breach.