President Biden's Executive Order Sets the Stage for AI Regulation and Innovation
The Executive Order on Artificial Intelligence (AI) by President Joe Biden, issued on October 30, recommends extensive guidelines for the management of this rapidly advancing technology. While the order lacks significant legal enforcement authority, it underscores various areas in which the President and his administration believe that US policymaking and regulatory agencies should take measures to ensure that AI technology and systems are "safe, secure, and reliable" before they are released to the public.
New Basel Committee Regulations Mandate Disclosure of Banks' Crypto Asset Exposur
Banks will face mandatory disclosure of their crypto asset exposure as per new regulatory guidelines introduced by the Basel Committee on Banking Supervision.
Equifax Fined Over £11 Million by FCA for Data Breach Failures
The Financial Conduct Authority (FCA) imposed a fine of over £11 million on Equifax for its failure to safeguard customer data in the wake of a data breach that was outsourced to its US parent company.
Wolters Kluwer releases OneSumX for Basel
Source: Wolters Kluwer
Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), part of Wolters Kluwer’s Corporate Performance and ESG (CP & ESG) division, is set showcase its capabilities to meet Capital Requirements Regulation (CRR) III and Basel IV requirements with the launch of OneSumX for Basel.
WFE sets out principles to promote sound marketplaces in crypto-trading
Source: World Federation of Exchanges
The World Federation of Exchanges (WFE), the global body for exchanges and central counterparty clearing houses (CCPs)s, today sets out six principles to promote sound marketplaces in crypto-trading in a new report.
CFTC Commissioner Advocates for U.S. Digital Asset Regulation Pilot Program
On Thursday, Caroline Pham, a commissioner at the Commodity Futures Trading Commission (CFTC), advocated for the implementation of a limited pilot program aimed at regulating digital assets within the United States.
TikTok Faces €345 Million Fine in Europe for Children's Data Privacy Violations
The Chinese-owned short-video platform has incurred a fine for its handling of children's data in Europe during the period between July 31, 2020, and December 31, 2020.
Tech Leader Urges US to Utilize Chip Dominance in Shaping Global AI Standards
Mustafa Suleyman, the co-founder of Google DeepMind and CEO of Inflection AI, emphasized to the Financial Times the importance of the United States leveraging its chip technology leadership to establish global AI usage standards.
