REGISTER

Governance

US regulators have set out plans to strengthen the way they oversee big banks in a bid to protect the country's financial system in the event of a major cyberattack or technology failure.

Wells Fargo has failed to convince a judge to dismiss a lawsuit brought against it by an Ecuadorian bank in connection with a $12 million theft made over the Swift network.

AxiomSL CEO Alex Tsigutkin will present ‘Staying ahead of the regulatory curve: Focusing on firms’ sustainability and profitability with all of the IT transformation and regulatory compliance controls in place’ at this year’s Sibos conference in Geneva.

March 18, 2016 - Swiss financial markets watchdog Finma has pushed through a raft of new initiatives in a bid to stimulate further growth and innovation in the country's emerging fintech sector.

Wolters Kluwer’s Governance, Risk & Compliance (GRC) Division, which includes the company’s financial services and corporate legal services business lines, has acquired US-based Vcorp Services, LLC. This 22 person firm is a provider of registered agent, UCC and other corporate legal services. The acquisition strengthens the Division’s “existing portfolio of legal and compliance products and services by furthering CT Corporation's reach into its core markets, including small and mid-sized law firms and corporations”, Wolters Kluwer GRC said in a statement.

US exchanges, clearing houses, trade repositories and dealing platforms will have to test their systems for cyber-vulnerabilities at least once a quarter under new rules approved by the Commodity Futures Trading Commission.

March 15, 2016 - US regulatory body Finra (Financial Industry Regulatory Authority) has waded into the growing market for robo-advisory services, warning firms of the need for sound governance and supervision of digital investment tools.

The Securities and Exchange Commission has fined Merrill Lynch $12.5 million for ineffective trading controls which led to a series of "mini-flash crashes".

Derivatives central counterparties (CCPs) have made meaningful progress in boosting their resilience in recent years but more work is needed to ensure consistency around the world, according to new reports from major global bodies.

March 3, 2016 - Acquisition expands opportunities to help organizations optimize their use of technology, increase stakeholder value and improve business performance.

As regulators focus more on risk data aggregation, bankers would be well advised to devote more time and resources to RegTech and other next-generation systems. That’s according to a new white paper by Wolters Kluwer’s Finance, Risk & Reporting business.

China likely hacked computers at the Federal Deposit Insurance Corporation (FDIC) between 2010 and 2013 and the attacks were covered up by staffers at the regulator, according to a Congressional report.

February 8, 2016 - The Financial Conduct Authority (FCA) has today published the final rules confirming their approach to improving individual accountability for those carrying out wholesale activities, such as algorithmic and high-frequency trading, in banks, building societies, and Prudential Regulation Authority (PRA) designated investment firms.

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