Financial institutions across Asia Pacific are trailing behind their Western counterparts in preparations for evolving global tax reporting regulations due to cultural and regulatory issues, according to a new report by compliance software specialist Wolters Kluwer Financial Services and the GRC Institute (GRCI), the association for Asia-Pacific governance, risk management and compliance professionals. Canvassing 40… Read More >>
Investors and Regulators Push PE Firms for More Transparency
Private equity firms are feeling the heat for more IT solutions and better data management as an uptick in regulatory audits and exams is causing investors to demand more transparency, according to professional services firm EY’s 2016 global private equity fund and investor survey. The greater demand for transparency is one of the key findings… Read More >>
SEC Puts Industry on Notice for 2016 Exams
Liquidity controls, public pension advisers, product promotion, exchange-traded funds and variable annuities are on the SEC’s radar as far as issues that have risen to the top for the regulator’s examination priorities in 2016. Through the Office of Compliance Inspections and Examinations (OCIE), the SEC is setting priorities for the new year, and in addition… Read More >>
SEC Targets Mutual Funds, ETFs via Curbs on Derivatives
As expected, the SEC has voted to propose new derivatives rules that would limit leverage and other risks for mutual funds, exchange-traded funds (ETFs) and other registered investment companies in the derivatives markets. After a 90-day comment period, the commission is likely to move forward on the new rules. New rules are needed, the commission… Read More >>
KYC Demands Cause ‘Immense’ Data Burdens for Firms
Providers are targeting the increasingly important know your customer (KYC) space in an attempt to ease the “immense” data management burden firms are reportedly experiencing in this area of financial services compliance. Solutions designed to support data management in relation to regulatory issues such as KYC anti-money laundering controls continue to attract users looking for… Read More >>
Can Banks Really Create a Culture of Compliance?
The Financial Conduct Authority’s (FCA) recent decision to fine Barclays a record £72 million ($108.3 million) for the alleged poor handling of financial crime risks will likely serve to reinforce the public perception of greedy bankers. But have financial institutions made any progress in developing a more positive culture in the new regulatory era of… Read More >>
Fears Grow Over High-Impact Attack: DTCC Survey
Risk Managers’ Fears Grow Over High-Impact Event: Survey Fears over the threat of “a high-impact event” is increasing among risk managers, according to the latest DTCC Systemic Risk Barometer Survey. The new survey on risk trends among those in the financial services industry shows that 61 percent of risk managers “believe the probability of a… Read More >>
SwapClear to Use Markit’s New Netting Service
The SwapClear clearinghouse is using a netting synchronization service for cleared, over-the-counter (OTC) derivatives just launched by financial information services vendor Markit. Markit is introducing the service in a bid to help banks “automatically update their risk systems after netting and compression activity at their clearing houses,” say vendor officials. “Netting exposures within a clearing… Read More >>
Rival Debuts Enterprise-Wide Risk Management Platform
Derivatives trading and risk systems vendor Rival Systems has launched an enterprise-wide risk management platform, Rival Risk, intended to help firms monitor risk and manage exposure in real time across multiple profit centers and asset classes, officials say. Newcomer Rival is making the tool widely available to brokerage and clearing firms, hedge funds, commodity trading… Read More >>
GLEIF Takes Charge of the LEI Effort
Editor’s note: The Global Legal Entity Identifier Foundation (GLEIF), the body overseeing the Global Legal Entity Identifier (LEI) System, has taken center stage in the effort to promote the usage of the LEI standard. In fact, GLEIF has just launched the Global LEI Index, “a golden copy of all past and current LEI records including… Read More >>
