MiFID II another regulatory compliance scheme to flush capital down
Prips, is due at the end of 2016, the Market Abuse Directive and
regulation is round the corner, the date for Anti-Money Laundering
Directive is June 2017 to be compliant, Senior Managers’ Regime in
2018, so is Data Privacy and Security (GDPR) and the outcome of the
Financial Advice Market Review is entirely unknown. So much to do
and so little time to do it properly.
Regulatory Actions of Anti-Money laundering (AML) Spreads its Compliance
Wings. Part I of III
AML compliance has traditionally been concentrated for the financial
and banking industry. However regulators are now expected a widening
the selection from financial institutions to Advisors, Brokers and
Dealers in order to strengthen their controls against money laundering.
Abuse Regulation is effective from July 2016.
One of the most important provisions for ensuring effective securities
markets is the mandated, continuous disclosure of non-public material
information (insider information). Yet this disclosure obligation
is also onerous for issuers, involving high compliance costs and subjecting
them to public scrutiny that private companies avoid.
Overloaded plate of the Audit Committee
Once upon a time the audit committee’ primary responsibility was
for financial reporting and the role as owner of the external audit
firm relationship. Now Audit committees are facing an expansion of
their duties and feeling the pressure from regulators, investors and
stakeholders. Menu items on the new regulatory responsibilities include;
risk oversight, performance on IT, cyber-security, bribery and corruption
issues, 3rd party compliance, financial risks, problems with financial
statements, as well as addressing business complexity demands are
placing a heavy burden on audit committees.
Stakeholder and Investor dissatisfaction resulting in shareholder
activism are due to a greater demand for transparency, accountability
and oversight over the companies’ corporate governance and performance
RegComTech® Regulatory Automation and Integration Approach
The RegComTech® business application agenda is to customise the
technology developments. RegComTech® addresses the duplication, integration,
automation and streamlining issues, desired to address the mainstream
next generation regulatory compliance components of Governance, Risk
Intelligence, Compliance and IT-Security.
will the new EU data protection requirements (GDPR) will affect your
The EU General Data Protection Regulation (GDPR) is new legislation
that provides a single, harmonised data privacy law for the European
Union. With the increasing risk of data breaches from cyber-attack,
the GDPR aims to prevent the loss of personal data by improving data
security for all individuals living in EU member states.