Technology-Enabled Compliance is More Proactive, Adaptable and Comprehensive

27 March 2024
Knowledge Base

by Uzi Rosha

Compliance programs serve as a critical foundation for ensuring financial institutions operate within legal and regulatory boundaries. The dynamic and complex nature of financial regulations necessitates a strategic approach to compliance, one that is proactive, adaptable, and comprehensive. Traditional compliance frameworks, while foundational, often struggle to keep pace with the rapid evolution of financial products, services, and regulations. In the rapidly evolving financial sector, technology plays a pivotal role in enhancing the effectiveness and efficiency of compliance programs. Continue reading…

Safeguarding data in the hybrid era

26 March 2024
Knowledge Base

by Ian Jones

As hybrid work models become the new norm, businesses face a complex set of challenges, particularly regarding data compliance and security. Whilst managing remote teams has become more refined in recent years, there is something that threatens this way of working. That threat is unseen, unsafe and unsuspecting. It’s a digital danger that comes in the form of sensitive data loss, cyber-attacks and data breaches, each one looming ever larger in this evolving working model. The stakes are high. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

The EU extends the US provisional equivalence in the area of insurance or reinsurance group solvency calculation

25 March 2024

On 14 March 2024, the European Commission decided to extend the provisional equivalence decision regarding the insurance and reinsurance solvency regime in force in the US. The regime applicable to insurance and reinsurance undertakings with head offices in the US is to be considered provisionally equivalent to the solvency rules related to the valuation of assets and liabilities, technical provisions, own funds, SCR, MCR and investment rules as laid down in Solvency II (SII). “EU insurance groups will be able to calculate capital requirements for their operations in the US on the basis of local rules. By eliminating the need to reconcile with EU rules, European groups can continue to operate on an equal footing with their American counterparts, and to benefit from alleviated administrative burden and reduced costs”, thus the Commission. Continue reading…

Jean-Paul Servais has been re-elected chair of the European Regional Committee of the international organization IOSCO

22 March 2024

The Chairman of the Belgian Financial Services and Markets Authority (FSMA) and IOSCO Board Chair Jean-Paul Servais has been re-elected chair of the European Regional Committee of the international organization IOSCO. The members of the IOSCO European Regional Committee have re-elected Jean-Paul Servais for a two-year term as chair of the European Regional Committee. He combines this responsibility with the Chairmanship of the IOSCO Board since October 2022. Continue reading…

FCA sets out plan for the year ahead

21 March 2024

In its Business Plan for 2024-25, the Financial Conduct Authority (FCA) has set out an ambitious programme of work for the final year of its 3-year strategy to achieve better outcomes for consumers and markets. Nikhil Rathi, Chief Executive of the FCA, said: “We’ve already made significant progress in delivering against the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching reforms to wholesale market regulation and the listing regime in decades. We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology presents both for us and the firms we regulate, while also continuing to protect consumers and ensure market integrity.”

Continue reading…

41st Chief Litigation Officer Summit 2024

20 March 2024

Marcusevans is excited to announce that the Chief Litigation Officer Summit returns in June 24-25 at Encore Boston Harbor Boston, MA, USA! The 41st Chief Litigation Officer Summit is an invitation-only, premium Summit bringing leading Litigation executives and innovative suppliers and solution providers together. The Summit’s content is aligned with key litigation challenges and interests, relevant market developments, and practical and progressive ideas and strategies adopted by successful pioneers. Continue reading…

Statement following the 11th EU-US Energy Council

19 March 2024

The eleventh European Union (EU) – United States (US) Energy Council (“Council”) met last Friday 15th March, in Washington, chaired by US Deputy Secretary of State Kurt Campbell, US Deputy Secretary of Energy David M. Turk, European Commissioner for Energy Kadri Simson, and EEAS Acting Deputy Secretary General Bélen Martinez Carbonell. The Deputy Head of Mission of the Kingdom of Belgium to the United States of America, Sophie Karlshausen, represented the Presidency of the Council of the European Union. The EU-US Energy Council serves as the lead transatlantic forum for coordinating strategic energy issues at political and technical levels. Transatlantic energy cooperation is vital to advancing diverse and resilient energy systems, bolstering energy security, promoting stability and transparency in global energy markets, and accelerating just energy transitions consistent with our mutual commitment to net-zero greenhouse gas emissions at home and globally by 2050. Continue reading…

Why regulators must adopt AI now

18 March 2024
Knowledge Base

by Daoud Abdel Hadi

It’s a new world – defined by rapid technological advancements, and witnessing more organisations embracing AI. To navigate this ever changing landscape, it is essential that regulators recognise traditional governance principles no longer suffice. In fact, relying on these outdated principles could result in more harm than good. Regulators must begin to use the power of AI to modernise their approach and promote responsible innovation. As the world turns, it’s essential for regulators to foster an ecosystem that integrates AI effectively and protects individuals at the same time. Continue reading…

Photo: https://pixabay.com/

FCA to investigate use of personal guarantees in certain small business lending

15 March 2024

The Financial Conduct Authority (FCA) has committed to investigate the use of personal guarantees by lenders to support loans to certain small businesses. The steps come in response to a super complaint from the Federation of Small Businesses (FSB). The FSB has raised concerns that a growing demand for personal guarantees by lenders has a detrimental impact on small businesses, which they believe dissuades them from borrowing funds to grow. It has particular concerns about small limited companies. The FCA’s remit, which is set by Parliament, does not include lending to limited companies. However, the work announced by the FCA reflects its commitment to do what it can to support small businesses within its defined remit.
Continue reading…

Gen AI Interventions in Climate Risk Management

14 March 2024
Knowledge Base

by Ajay Katara

Climate risk is assuming a critical role for banks and financial institutions due to the mounting environmental challenges. As the frequency and severity of climate-related events increase, banks face heightened risks associated with their investments, loans, and overall financial stability. It’s no surprise that climate risk management features in the topmost agenda for CRO’s (Chief Risk Officers) globally as effectively managing these risks is imperative to safeguard assets, ensure regulatory compliance, and promote long-term sustainability in the context of a changing climate. Continue reading…