ISO20022 adoption to drive $4.5 billion in savings for Canadian business - CPA
November 18, 2015 - The Canadian Payments Association estimates that the cost benefits to businesses of a move to the ISO20022 standard could be as high as $4.5 billion over five years simply from the elimination of cheques.
Finra fines Scottrade $2.6 million for failing to retain electronic records
November 16, 2015 - The Financial Industry Regulatory Authority (FINRA) announced today that it fined Scottrade, Inc. $2.6 million for failing to retain a large number of securities-related electronic records in the required format, and for failing to retain certain categories of outgoing emails.
Pressure builds to delay MiFID II reforms
November 10, 2015 - Pressure is mounting on the European Commission to postpone the implementation of securities market reforms under MiFID II by a year, as banks and brokers struggle to adapt their IT systems to meet the 2017 timetable.
NYDFS sets out cyber security regulation details
November 10, 2015 - On the day US prosecutors laid out their case against three men accused of hacking a host of FS firms, the New York State Department of Financial Services has outlined its proposals to strengthen cybersecurity regulations.
Partnership for New York City launches innovation council
November 5, 2015 - The Partnership for New York City, the city's leading business organization, today announced the launch of the Partnership Innovation Council, a panel of industry experts who will seek to ensure that New York's legal and regulatory environment is keeping pace with the technological revolution that is transforming business and the economy.
Tech industry heavyweights to lobby for financial innovation
November 3, 2015 - Technology industry leaders Amazon, Apple, Google, Intuit and PayPal have formed a coalition to lobby for policy initiatives that will further the development of innovation in the financial services industry.
Esma publishes final rules for MiFID II, MAR, and CSDR
September 28, 2015 - The European Securities and Markets Authority (ESMA) today published its final technical standards (TS) on some of the most important pieces of post-crisis financial regulation: the Markets in Financial Instruments Directive (MiFID II), the Market Abuse Regulation (MAR) and the Central Securities Depositaries Regulation (CSDR).ESMA’s TS translate how the legislation will apply in practice to market participants, market infrastructures and national supervisors. The new technical standards will alter the functioning of European financial markets by increasing their transparency, safety and resilience as well as investor protection.
CFTC institutes first action against bitcoin options trader
September 18, 2015 - In its first action against an unregistered bitcoin options trading platform, the Commodity Futures Trading Commission (CFTC) in the US has ruled that virtual currencies are a commodity and as such should come under the purview of the Commodity Exchange Act (CEA).
