The first King’s Speech of the new Labour government has signalled some significant changes which will have an impact on financial services firms. These include changes to pensions, bank resolution, a boost to digital ID and reforms to the Information Commissioner’s Office (ICO). “We will continue to work with industry to enhance the UK’s international
The International Organization of Securities Commissions (IOSCO) has published a report on market outages, including good practices for managing them. An IOSCO survey found 42 market outages on listed trading venues between 2018 and 2022, primarily caused by software errors. Members of the World Federation of Exchanges (WFE) agreed with IOSCO’s recommendations. “Our experience shows
By matm_admin
AI is in the policy makers’ sights and European regulators took a big step towards implementing tough new Digital Operational Resilience standards this month. It’s not just one technology risk that regulators are keeping an eye on, there are dozens of new rules that apply to tens of thousands financial institutions and their suppliers. Everything
Europe took a big step towards Digital Operational Resilience last week by issuing half of its new final technical standards one year from its implementation deadline. JWG has analysed the new, final standards and the second batch of DORA consultations with other technology efforts underway across the globe. We find that while some welcome clarity
Digital Operational Resilience Act (DORA) technical standards, due to come into force in January 2025 have been released to a quick retort from industry. AFME and EACB warn of missing data, confused risk controls to implement tough new data and reporting requirements. Firms and their suppliers now have a little over 400 working days to
By matm_admin
Public and private sectors are finding a path through the jungle of compliance to safe, compliant code. Firms have critical infrastructure decisions to make and the public/private structures in place today will require new mandates, new ways of working and new compliance tools. Financial Services regulatory experts Gavin Stuart, Director, Grant Thornton with 27 years
Trading desks face unprecedented levels of regulatory change from the mechanics of the markets and how they monitor them, to how they interact with customers, the way they de-risk their technology suppliers and provide information to regulators. This article summarises the critical changes and lays out the context for our 22 March virtual trading seminar.
By matm_admin
By 2025, overlapping requirements to mitigate operational resilience, control third party services and improve technology governance will require unprecedented transparency and assurance from third-party technology providers. These new regulations will fundamentally change the landscape for the biggest tech companies and their customers. What will this mean to firm risk silos and how will a complicated supply chain help meet these fast-moving regulatory controls?
New policy efforts in by Australian, US, UK, EU and International rule setters will widen the scope of regulatory oversight for financial institutions to include ‘how’ the business runs. As we have seen with US Federal reserve consultation released this week, boards are on the hook for a holistic approach to ensuring their digital infrastructure
New UK and EU regulations are forcing banks to demand new controls from their suppliers. Not only do they now need a comprehensive view of how each supplier fits in, but they also need to know how to swap them out. Senior managers across the bank should be working to establish plans now for these