In other FinTech news, Deloitte takes on cyber-security, Broadridge and SEI partner, and OpenFin harmonizes with Symphony.
Chief compliance officers at futures commission merchants (FCMs), swap dealers, and major swap participants may have more time to file annual reports because of amendments that the CFTC is proposing for a key regulation.
CFTC officials announced on August 9 that it will be publishing in the Federal Register proposed amendments to CFTC regulation 3.3 that will provide additional time for the filing of chief compliance officer annual reports. The amendments would also “clarify the timing of the filing requirements applicable to swap dealers and major swap participants located in jurisdictions for which the CFTC has granted a comparability determination with respect to the contents of the reports,” officials say.
If the amendments are adopted, the proposed rule would “effectively codify and supersede CFTC Staff Letter No. 15-15 issued March 27, 2015,” according to the CFTC. As part of the process, the regulator will have a comment period for the proposed amendments, which ends 30 days after the proposal’s publication in the Federal Register. “All comments will be posted to the CFTC’s website,” officials add.
Deloitte & ThreatConnect at Work on Cyber-security platform
Deloitte Advisory Cyber Risk Services is expanding its Vigilant Managed Services through an alliance with ThreatConnect that will integrate Deloitte’s threat intelligence and analytics services with ThreatConnect’s threat intelligence platform (TIP), officials say.
“We’re dedicated to providing a portfolio of tightly integrated cyber operations services that are focused on organization-specific threats so each can get in front of its own cyber risk and can innovate with confidence,” says Adnan Amjad, Cyber Threat Risk Management practice leader for Deloitte Advisory Cyber Risk Services and partner at Deloitte & Touche LLP, in a statement.
Amjad adds that the alliance will help organizations “to enhance the value of their security technology investments, combat the fragmentation of their security organizations, and enhance their infrastructure with relevant threat intelligence across a scalable, integrated platform.”
The TIP system can centralize indicators of compromise (IOCs) by “aggregating a variety of data and enabling predictive modeling,” officials say. “TIP keeps up with the automated parts of the cybersecurity process to establish a faster, more streamlined process. It also automatically ingests all of the threat data, normalizes it and enriches it with data from partners and intelligence services.”
Broadridge & SEI Offer New Access to Class Actions Services
SEI private banking clients can now access to the global securities class action services of Broadridge Financial Solutions via a new strategic partnership.
The agreement allows SEI private banking clients to use Broadridge’s services to monitor securities class action lawsuit settlements worldwide to spot opportunities to help recover funds for SEI clients and their customers, officials say.
The Broadridge offering covers case and settlement research, class action notifications and distribution, loss calculation, completion and submission of claims forms, collection of payments, and associated recordkeeping and reporting.
“Securities class actions are an increasing area of focus for sophisticated investors, with billions of dollars in settlements that go unclaimed each year,” says Joseph Vicari, vice president of business development, Broadridge.
Overall, the new strategic partnership is “an expansion of the proxy voting, corporate actions, first-dollar-in prospectus fulfillment and master-limited partnership tax reporting solutions Broadridge has provided to SEI and its clients for over 20 years,” officials add.
OpenFin Joins Symphony Software Foundation
OpenFin, a provider of HTML5 runtime technology, has joined the Symphony Software Foundation, a nonprofit organization supporting the Symphony messaging platform, officials say.
The collaboration will enable OpenFin and other foundation member organizations “drive fintech standardization, contribute to the Symphony platform, and further drive the adoption of open source technology within financial services,” officials say. “Through the foundation’s Open Governance model, OpenFin will influence the overall product direction of the Symphony platform, while its participation in working groups will aim to foster container standardization and application interoperability for the financial industry.”
“Our customers include many Symphony investors and foundation members, of which many have expressed interest in an integration between OpenFin and Symphony,” says Mazy Dar, CEO at OpenFin, in a prepared statement. “Our direct participation in the Foundation will facilitate this collaboration and enable us to contribute to its efforts to build a thriving open source foundation,” he adds.
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