This document discusses the new MiFID II regulations for recording client communications that will take effect in January 2017. Key points include:
- MiFID II expands requirements for recording relevant phone calls, emails and meetings between financial firms and clients to demonstrate terms of transactions and detect market abuse.
- It affects a wide range of financial firms and requires records be kept for 5-7 years. Firms must invest in technology that can handle high volumes of recorded communications and mobile recordings.
- There are concerns about significant costs of implementation and lack of clarity around what communications must be recorded. Firms will need to select holistic recording solutions that cover all communication channels by late 2016.
MiFID II: Data for transaction reportingLeigh Hill
Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to transaction reports. The Legal Entity Identifier (LEI) is also mandated for use in reporting.
Join the webinar to find out about:
-Transaction reporting
-Data requirements
-Data management
-Inclusion of the LEI
-Best practice approaches
MiFID II introduces significant changes to pre- and post-trade transparency requirements for financial markets in the EU. Key changes include expanded product scope, requirements for systematic internalizers and OTC markets, and new disclosure obligations via approved publication arrangements. The document provides an overview of pre-trade and post-trade transparency obligations and exemptions/waivers for liquidity, standard market size, large in scale transactions, and other criteria. Worked examples demonstrate how transparency requirements would apply under different market conditions.
MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
MiFID II - Data Governance - Closing the Chasmexpertechnix
At the ‘Practical Data Governance – Preparing now for the future‘ event held on 8th June 2016 run jointly by the BCS Data Management Specialist Group and DAMA UK, Ian Chapman presented on ‘MiFID II – Data Governance – closing the chasm’.
Kaushik Pramanik has 17 years of experience leading large regulatory projects for banks. He offers expertise in implementing MiFID II, the European regulatory framework that extends market transparency rules and other requirements to new asset classes and derivatives. MiFID II will significantly impact trading activities, pre-and post-trade reporting, and many divisions of affected firms. It must be implemented through a large global program with regional workstreams to ensure compliance by the January 3, 2017 deadline.
MiFID II and AIFMD will impact Asian firms seeking to market funds or provide investment services in Europe. Key changes include:
1) MiFID II introduces more stringent rules for trading, transparency, and investor protection that apply to branches of third country firms in Europe.
2) AIFMD provides a marketing passport that could eventually allow passporting from Singapore to Europe, but national private placement regimes still apply for most countries.
3) Firms must consider the costs and benefits of complying with each European country's regulations individually or waiting for further harmonization of rules.
This document discusses the new MiFID II regulations for recording client communications that will take effect in January 2017. Key points include:
- MiFID II expands requirements for recording relevant phone calls, emails and meetings between financial firms and clients to demonstrate terms of transactions and detect market abuse.
- It affects a wide range of financial firms and requires records be kept for 5-7 years. Firms must invest in technology that can handle high volumes of recorded communications and mobile recordings.
- There are concerns about significant costs of implementation and lack of clarity around what communications must be recorded. Firms will need to select holistic recording solutions that cover all communication channels by late 2016.
MiFID II: Data for transaction reportingLeigh Hill
Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to transaction reports. The Legal Entity Identifier (LEI) is also mandated for use in reporting.
Join the webinar to find out about:
-Transaction reporting
-Data requirements
-Data management
-Inclusion of the LEI
-Best practice approaches
MiFID II introduces significant changes to pre- and post-trade transparency requirements for financial markets in the EU. Key changes include expanded product scope, requirements for systematic internalizers and OTC markets, and new disclosure obligations via approved publication arrangements. The document provides an overview of pre-trade and post-trade transparency obligations and exemptions/waivers for liquidity, standard market size, large in scale transactions, and other criteria. Worked examples demonstrate how transparency requirements would apply under different market conditions.
MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
MiFID II - Data Governance - Closing the Chasmexpertechnix
At the ‘Practical Data Governance – Preparing now for the future‘ event held on 8th June 2016 run jointly by the BCS Data Management Specialist Group and DAMA UK, Ian Chapman presented on ‘MiFID II – Data Governance – closing the chasm’.
Kaushik Pramanik has 17 years of experience leading large regulatory projects for banks. He offers expertise in implementing MiFID II, the European regulatory framework that extends market transparency rules and other requirements to new asset classes and derivatives. MiFID II will significantly impact trading activities, pre-and post-trade reporting, and many divisions of affected firms. It must be implemented through a large global program with regional workstreams to ensure compliance by the January 3, 2017 deadline.
MiFID II and AIFMD will impact Asian firms seeking to market funds or provide investment services in Europe. Key changes include:
1) MiFID II introduces more stringent rules for trading, transparency, and investor protection that apply to branches of third country firms in Europe.
2) AIFMD provides a marketing passport that could eventually allow passporting from Singapore to Europe, but national private placement regimes still apply for most countries.
3) Firms must consider the costs and benefits of complying with each European country's regulations individually or waiting for further harmonization of rules.
Financial Conduct Authority_Developing our approach to implementing MiFID II ...Oliver Blower
This document discusses the Financial Conduct Authority's approach to implementing certain conduct of business and organizational requirements from the revised Markets in Financial Instruments Directive (MiFID II) in the UK. It seeks early feedback from firms and stakeholders on topics like applying MiFID II rules to insurance products and pensions, treating structured deposits, and recording telephone conversations. It aims to gather input to help develop policy options for later consultation on transposing MiFID II, which strengthens investor protections and must be implemented by July 2016.
MiFID II - investor protection - Bovill briefing feb 15Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February 2015 briefing on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
With the ‘Level Two’ advice published just before Christmas, this is the first of our 2015 series of MiFID II briefings.
This session focuses on the investor protection elements of ESMA's advice including topics such as:
• product governance to product intervention
• client assets
• remuneration
• conflicts and inducements (dealing commission)
• best execution and client order handling
• information to clients.
The briefing gives more details of our MiFID II toolkit and how this could help your project.
The document discusses the new regulatory requirements under MiFID II for monitoring, reporting, and surveillance of trade execution. It introduces Corvil as a streaming analytics platform that provides real-time monitoring, order record keeping, trade reconstruction, and surveillance to help firms meet their MiFID II obligations. Corvil captures precision UTC-synchronized trade execution data across multiple systems using non-intrusive monitoring APIs and sensors to provide a comprehensive view of order lifecycles while minimizing changes to existing trading infrastructure.
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
A-Team Group recently held a webinar that we thought you would be interested to hear.
Markets in Financial Instruments II (MiFID II) makes sweeping changes to pre- and post-trade transparency, extending MiFID requirements limited to equities trades on regulated platforms to cover equity-like and non-equity instruments traded on any trading venue. It also requires trade data to be published through approved arrangements and made available on a consolidated tape. Achieving this level of transparency will be a significant challenge for financial institutions that must source and manage large volumes of data to ensure compliance.
Join the webinar to find out about:
- MiFID II transparency
- Data sourcing
- Data management challenges
- Technology solutions
- Expert guidance
The document discusses Thomson Reuters' solutions and services to help clients comply with the Markets in Financial Instruments Directive (MiFID II). It describes how Thomson Reuters provides data, solutions, and expertise to support obligations related to pre- and post-trade transparency, trading venues, systematic internaliser determination, approved publication arrangements and publication services, reference data, transaction reporting and record keeping, investor protection, best execution, high frequency trading and structural change, research permissioning and unbundling, and regulatory automation and workflow mapping. It also outlines Thomson Reuters' MiFID II capabilities and solutions, including various Thomson Reuters products and services, and provides contact information.
Meeting the data management challenges of MiFID IILeigh Hill
The compliance deadline for Markets in Financial Instruments Directive II (MiFID II) has been pushed back a year to January 2018, giving financial institutions within its scope an opportunity to take a strategic rather than tactical approach to implementation. But whatever the approach, the scale of the regulation is large and the data management challenge complex, requiring firms to work on compliance solutions well ahead of the deadline.
Join the webinar to find out more about:
-Regulatory guidance
-Progress on data management
-Outstanding challenges
-Best practice approaches
-Meeting the deadline
This document summarizes a webinar on MiFID II requirements for best execution. It introduces five panel members from firms like Saxo Capital Markets and Thomson Reuters who are experts on MiFID II compliance. They will discuss challenges of achieving best execution under MiFID II rules, key elements for firms to focus on, and how data can be used to prove compliance. The webinar will also address technical and logistical challenges, data sourcing needs, and other MiFID II implications for trading firms.
Bovill Briefing Introducing MiFID II September 2014Bovill
This document discusses the regulatory framework for MiFID II, including the different levels of directives, regulations, technical standards, and enforcement. It provides a timeline for MiFID II implementation between 2014 and 2017. It also outlines some of the key implications of MiFID II, such as changes to scope, authorization requirements, corporate governance, transparency, and transaction reporting. The document advises firms to start planning and implementing changes now in preparation for MiFID II, rather than waiting for final rules.
The document discusses the upcoming changes from MiFID to MiFID II and the need for financial institutions to prepare. MiFID II will significantly broaden the scope of the original MiFID directive and introduce stricter requirements around areas like transparency, reporting, and investor protection. It will require major changes to infrastructure, business models, and data governance. Financial institutions should start assessing the impacts and ensuring compliance with the new regulations, which take effect in January 2017. They need to integrate preparation for MiFID II into a unified regulatory change program to avoid duplication of efforts across different regulations.
Distributed Ledger Technology for the Securities IndustryLaura Anthony, Esq.
Distributed Ledger Technology for the Securities Industry- In addition to general information, during this LawCast series I have been summarizing a report issued by FINRA in January, 2017 discussing the implications of DLT for the securities industry, including FINRA member broker dealer firms. In the report, FINRA specifically discussed some major areas of consideration. In these last two LawCasts in this series, I have been going through each of those topics as summarized in the FINRA report.
Related to Anti-Money Laundering and Customer Identification Programs - DLT allows for global and anonymous participation, and accordingly practices and regulations will need to address anti-money laundering (AML) and customer identification obligations (CIP). The Bank Secrecy Act of 1970 requires controls and procedures to detect and prevent money laundering. FINRA Rule 3310 addresses AML obligations.
In addition, FINRA Rule 2090, the Know Your Customer (KYC) rule, requires firms to “use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.” Technology is already being explored to centralize identity management functions such that once a customer identity is verified, the information can be shared with all network participants. Obviously this would greatly streamline processes for broker-dealers and customers alike.
It is likely that DLT technology will surpass regulatory changes in the AML/CIP/KYC sectors. The FINRA report notes that the current rules allow a firm to outsource functions to third parties, but not overall responsibility. Accordingly, a firm could utilize DLT technology for these functions now if they can fashion internal controls and procedures that comply with the ultimate rule responsibilities....
EXTENT-2016: MiFID 2 Compliant Fixed Income SOR SystemIosif Itkin
The document discusses GATElab's MiFID II-compliant fixed income smart order routing (SOR) system. It aims to provide transparency on non-equity markets by aggregating liquidity from multiple venues and counterparties. The system matches customer orders to aggregated liquidity, stores real-time activity snapshots for transparency, and publishes post-trade reporting. It supports a large range of fixed income products and implements best execution and its rules.
EXTENT-2015: Efficient Risk Control - Challenges & TechniquesIosif Itkin
Efficient Risk Control - Challenges and Techniques
Vladimir Kurlyandchik, ARQA Technologies
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
As regulatory trends echo across the globe, we looked to the east for June’s regulatory update.
When it comes to financial regulation, Asia is traditionally thought to lag behind Europe and, in turn the US. But with FATF currently focusing on Singapore, and the region seen as a hub for Fintech innovation, are there trends which may hit the UK coming from the other direction?
Fca Business Plan and Outlook 2015/16 - Bovill BriefingBovill
The FCA Business Plan for 2015/16 outlines continuing areas of focus such as technology risks, pension reforms, and consumer credit culture, as well as new areas like shadow banking and emerging distribution models. Key themes are increasing complexity in business models, incentives for proper staff behavior, and managing conflicts of interest. The Plan also describes how the FCA will operate with a more market-led, risk-based approach through thematic reviews rather than market studies. Firms should ensure good processes on conflicts, inducements, remuneration and conduct risk, and be prepared for a potential thematic review.
Bovill social media regulation workshop UKCFA Dec 14Bovill
The UK Crowdfunding Association invited Bovill - the specialised regulatory consultants - to present at their workshop on FCA Social Media Regulation.
We looked at the draft guidance from FCA as well as some recent examples of where it’s gone wrong . Here are a few of the slides used. The final guidance on social media should be released by the FCA in early 2015. We’ll be keeping a close eye on it.
Pensions: nirvana or nightmare? - Bovill briefingBovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the May 2015 briefing on the FCA's Business Plan and Outlook for 2015/16. For more information visit www.bovill.com.
Further information on the event is below:
Our May briefing looks at the impact of the latest pension reforms.
New freedom and choice has made pensions a more attractive investment, and the greater complexity means there’s greater need for advice. But is the opportunity for advisers worth the risk? As it becomes harder to divorce pension planning from investment advice, will wealth managers who choose not to offer pensions advice lose business? And what is the knock on effect for the industry as a whole? Our London briefing look at the new pensions regime. We consider:
•what’s changed
•how it affects advisers and the suitability considerations they face
•how to address the compliance challenges that it brings
Financial Conduct Authority_Developing our approach to implementing MiFID II ...Oliver Blower
This document discusses the Financial Conduct Authority's approach to implementing certain conduct of business and organizational requirements from the revised Markets in Financial Instruments Directive (MiFID II) in the UK. It seeks early feedback from firms and stakeholders on topics like applying MiFID II rules to insurance products and pensions, treating structured deposits, and recording telephone conversations. It aims to gather input to help develop policy options for later consultation on transposing MiFID II, which strengthens investor protections and must be implemented by July 2016.
MiFID II - investor protection - Bovill briefing feb 15Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February 2015 briefing on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
With the ‘Level Two’ advice published just before Christmas, this is the first of our 2015 series of MiFID II briefings.
This session focuses on the investor protection elements of ESMA's advice including topics such as:
• product governance to product intervention
• client assets
• remuneration
• conflicts and inducements (dealing commission)
• best execution and client order handling
• information to clients.
The briefing gives more details of our MiFID II toolkit and how this could help your project.
The document discusses the new regulatory requirements under MiFID II for monitoring, reporting, and surveillance of trade execution. It introduces Corvil as a streaming analytics platform that provides real-time monitoring, order record keeping, trade reconstruction, and surveillance to help firms meet their MiFID II obligations. Corvil captures precision UTC-synchronized trade execution data across multiple systems using non-intrusive monitoring APIs and sensors to provide a comprehensive view of order lifecycles while minimizing changes to existing trading infrastructure.
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
A-Team Group recently held a webinar that we thought you would be interested to hear.
Markets in Financial Instruments II (MiFID II) makes sweeping changes to pre- and post-trade transparency, extending MiFID requirements limited to equities trades on regulated platforms to cover equity-like and non-equity instruments traded on any trading venue. It also requires trade data to be published through approved arrangements and made available on a consolidated tape. Achieving this level of transparency will be a significant challenge for financial institutions that must source and manage large volumes of data to ensure compliance.
Join the webinar to find out about:
- MiFID II transparency
- Data sourcing
- Data management challenges
- Technology solutions
- Expert guidance
The document discusses Thomson Reuters' solutions and services to help clients comply with the Markets in Financial Instruments Directive (MiFID II). It describes how Thomson Reuters provides data, solutions, and expertise to support obligations related to pre- and post-trade transparency, trading venues, systematic internaliser determination, approved publication arrangements and publication services, reference data, transaction reporting and record keeping, investor protection, best execution, high frequency trading and structural change, research permissioning and unbundling, and regulatory automation and workflow mapping. It also outlines Thomson Reuters' MiFID II capabilities and solutions, including various Thomson Reuters products and services, and provides contact information.
Meeting the data management challenges of MiFID IILeigh Hill
The compliance deadline for Markets in Financial Instruments Directive II (MiFID II) has been pushed back a year to January 2018, giving financial institutions within its scope an opportunity to take a strategic rather than tactical approach to implementation. But whatever the approach, the scale of the regulation is large and the data management challenge complex, requiring firms to work on compliance solutions well ahead of the deadline.
Join the webinar to find out more about:
-Regulatory guidance
-Progress on data management
-Outstanding challenges
-Best practice approaches
-Meeting the deadline
This document summarizes a webinar on MiFID II requirements for best execution. It introduces five panel members from firms like Saxo Capital Markets and Thomson Reuters who are experts on MiFID II compliance. They will discuss challenges of achieving best execution under MiFID II rules, key elements for firms to focus on, and how data can be used to prove compliance. The webinar will also address technical and logistical challenges, data sourcing needs, and other MiFID II implications for trading firms.
Bovill Briefing Introducing MiFID II September 2014Bovill
This document discusses the regulatory framework for MiFID II, including the different levels of directives, regulations, technical standards, and enforcement. It provides a timeline for MiFID II implementation between 2014 and 2017. It also outlines some of the key implications of MiFID II, such as changes to scope, authorization requirements, corporate governance, transparency, and transaction reporting. The document advises firms to start planning and implementing changes now in preparation for MiFID II, rather than waiting for final rules.
The document discusses the upcoming changes from MiFID to MiFID II and the need for financial institutions to prepare. MiFID II will significantly broaden the scope of the original MiFID directive and introduce stricter requirements around areas like transparency, reporting, and investor protection. It will require major changes to infrastructure, business models, and data governance. Financial institutions should start assessing the impacts and ensuring compliance with the new regulations, which take effect in January 2017. They need to integrate preparation for MiFID II into a unified regulatory change program to avoid duplication of efforts across different regulations.
Distributed Ledger Technology for the Securities IndustryLaura Anthony, Esq.
Distributed Ledger Technology for the Securities Industry- In addition to general information, during this LawCast series I have been summarizing a report issued by FINRA in January, 2017 discussing the implications of DLT for the securities industry, including FINRA member broker dealer firms. In the report, FINRA specifically discussed some major areas of consideration. In these last two LawCasts in this series, I have been going through each of those topics as summarized in the FINRA report.
Related to Anti-Money Laundering and Customer Identification Programs - DLT allows for global and anonymous participation, and accordingly practices and regulations will need to address anti-money laundering (AML) and customer identification obligations (CIP). The Bank Secrecy Act of 1970 requires controls and procedures to detect and prevent money laundering. FINRA Rule 3310 addresses AML obligations.
In addition, FINRA Rule 2090, the Know Your Customer (KYC) rule, requires firms to “use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.” Technology is already being explored to centralize identity management functions such that once a customer identity is verified, the information can be shared with all network participants. Obviously this would greatly streamline processes for broker-dealers and customers alike.
It is likely that DLT technology will surpass regulatory changes in the AML/CIP/KYC sectors. The FINRA report notes that the current rules allow a firm to outsource functions to third parties, but not overall responsibility. Accordingly, a firm could utilize DLT technology for these functions now if they can fashion internal controls and procedures that comply with the ultimate rule responsibilities....
EXTENT-2016: MiFID 2 Compliant Fixed Income SOR SystemIosif Itkin
The document discusses GATElab's MiFID II-compliant fixed income smart order routing (SOR) system. It aims to provide transparency on non-equity markets by aggregating liquidity from multiple venues and counterparties. The system matches customer orders to aggregated liquidity, stores real-time activity snapshots for transparency, and publishes post-trade reporting. It supports a large range of fixed income products and implements best execution and its rules.
EXTENT-2015: Efficient Risk Control - Challenges & TechniquesIosif Itkin
Efficient Risk Control - Challenges and Techniques
Vladimir Kurlyandchik, ARQA Technologies
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
As regulatory trends echo across the globe, we looked to the east for June’s regulatory update.
When it comes to financial regulation, Asia is traditionally thought to lag behind Europe and, in turn the US. But with FATF currently focusing on Singapore, and the region seen as a hub for Fintech innovation, are there trends which may hit the UK coming from the other direction?
Fca Business Plan and Outlook 2015/16 - Bovill BriefingBovill
The FCA Business Plan for 2015/16 outlines continuing areas of focus such as technology risks, pension reforms, and consumer credit culture, as well as new areas like shadow banking and emerging distribution models. Key themes are increasing complexity in business models, incentives for proper staff behavior, and managing conflicts of interest. The Plan also describes how the FCA will operate with a more market-led, risk-based approach through thematic reviews rather than market studies. Firms should ensure good processes on conflicts, inducements, remuneration and conduct risk, and be prepared for a potential thematic review.
Bovill social media regulation workshop UKCFA Dec 14Bovill
The UK Crowdfunding Association invited Bovill - the specialised regulatory consultants - to present at their workshop on FCA Social Media Regulation.
We looked at the draft guidance from FCA as well as some recent examples of where it’s gone wrong . Here are a few of the slides used. The final guidance on social media should be released by the FCA in early 2015. We’ll be keeping a close eye on it.
Pensions: nirvana or nightmare? - Bovill briefingBovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the May 2015 briefing on the FCA's Business Plan and Outlook for 2015/16. For more information visit www.bovill.com.
Further information on the event is below:
Our May briefing looks at the impact of the latest pension reforms.
New freedom and choice has made pensions a more attractive investment, and the greater complexity means there’s greater need for advice. But is the opportunity for advisers worth the risk? As it becomes harder to divorce pension planning from investment advice, will wealth managers who choose not to offer pensions advice lose business? And what is the knock on effect for the industry as a whole? Our London briefing look at the new pensions regime. We consider:
•what’s changed
•how it affects advisers and the suitability considerations they face
•how to address the compliance challenges that it brings
Bovill briefing: Making AIFMD business as usual - Annex IV reporting - Octobe...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the October 2014 briefing On AIFMD. For more information visit www.bovill.com.
Further information on the event is below:
Making AIFMD business as usual
When AIFMD came fully into force in July it felt like the end of a long journey. The end of the transitional period, however, was just the beginning. Firms now need to make sure their AIFMD policies and procedures are properly embedded and working effectively.
The Annex IV reporting regime presents a particular challenge for affected firms in remaining compliant with the Directive.
Relevant for anyone involved in meeting AIFMD requirements, Bovill’s briefing covers:
• a recap of what AIFMD is all about
• how to effectively monitor compliance under the Directive
• the practicalities of Annex IV reporting and how Bovill can help.
The FCA Business Plan for 2016/17 outlines 7 priorities that are carried over from last year: pensions, financial crime, wholesale markets, advice, innovation/technology, culture/governance, and treatment of existing customers. The plan emphasizes continuing themes of complex business models, acting in customers' interests, and encouraging new technology. Key responses include implementing new regulations on markets and financial crime, focusing on culture and accountability, and protecting customers in advice, pensions and insurance. Brexit is also addressed, with the FCA considering potential short-term market volatility and longer term consequences depending on future UK-EU relations.
This document discusses regulatory considerations for creating and operating angel syndicates in the UK. It notes that angel investing activities like organizing deals, co-investments, and angel platforms can potentially be considered regulated activities under UK law and require authorization. Specifically, activities like arranging deals, managing investments, managing funds, and providing investment advice may fall under regulation. The document also cautions that financial promotions in the UK require authorization or pre-approval and outlines some authorization and exemption options for angel investing activities.
Malaysia lets you live the fun side of life with blissful adventurous activities. Come, explore, discover! Visit https://www.penangmyhome.com for more details.
The European Banking Authority are proposing to change fundamentally the prudential landscape for investment firms. In this briefing we looked at these proposals for strategic context around the update to your 2016 ICAAP.
Unraveling EU regulation for US Managers - Bovill New York BriefingBovill
Bovill - the UK financial services regulatory consultancy - held a breakfast seminar in New York for US investment managers and regulatory experts to 'unravel' EU regulation. For more information visit www.bovill.com.
Further information on the event is below:
Unraveling EU regulation for US Managers
Any financial services firm doing business in Europe needs a firm grasp of EU regulation.
Whether you are establishing an office in one country, marketing into several, or simply investing in a firm regulated in the UK, you will need to understand how EU-wide directives are translated into local rules.
Bovill – the London-based regulatory compliance experts – hosted a seminar in New York to give US firms an overview and update on European regulation.
The breakfast event covered:
The structure of the EU regulatory landscape – how EU directives are implemented by member states
The parallels and crossovers between EU and US regulation
The practical steps to consider, including a brief introduction to
- Alternative Investment Fund Manager Directive (AIFMD)
- European Markets Infrastructure Regulation (EMIR)
- Markets in Financial Instruments Directives (MiFID I & II)
The document provides an overview of portfolio management concepts and how to introduce and improve portfolio management practices. It summarizes the keynotes from a presentation given by Martin Samphire and David Dunning on behalf of the APM Portfolio Management SIG. The presentation covered portfolio management concepts, introduced the PfM SIG and its focus areas, and discussed results from a PfM survey. It provided guidance on introducing portfolio management, including establishing key principles, mapping capability maturity, and taking an incremental approach to change.
Holding management to account: where is it all heading?Bovill
The document provides an overview and history of regulatory changes aimed at holding individuals in the financial sector more accountable. It summarizes the key elements of the new Senior Managers and Certification Regime including prescribed responsibilities, a responsibility map, conduct rules, and a reverse burden of proof. It notes challenges with the new regime and predictions that some elements may prove unworkable. It advises firms and senior managers on steps they should take to prepare for and adapt to the new accountability standards.
MoneyWare FundWare™ enables organization to rapidly comply with the AIFMD requirements in respect of leverage, liquidity monitoring, risk management and regulatory reporting, without implementation costs or delay. The cost of compliance is significantly reduced through plug-and-play functionality, integrated data availability, automated report production and through availability as a hosted software as a service solution.
The document discusses managing market abuse and practical responses to regulatory pressure. It provides an overview of the UK rules regarding market abuse, the roles of compliance and front office teams, and obligations around controlling access to inside information and conducting effective pre-trade and post-trade surveillance. It notes the FCA is focusing more on the asset management industry and has a greater appetite for criminal convictions or public sanctions. Effective controls include identifying inside information, controlling its access, implementing pre-trade controls like restrictions and approvals, and post-trade surveillance like reviewing trades and holdings.
CRD IV is the European Union's implementation of the Basel III regulatory reforms. It includes stricter capital and liquidity requirements, the introduction of capital buffers, a leverage ratio, and enhanced supervisory processes. Banks must meet higher minimum capital ratios, new liquidity ratios like LCR and NSFR, and disclose more data through templates like COREP and FINREP. Implementation is occurring in phases from 2014-2021 to improve bank capitalization and resilience while limiting systemic risk.
It’s bigger. It’s tougher. It’s coming into effect on 3 July 2016. It’s the new Market Abuse Regulation (MAR).
MAR widens greatly the scope of instruments and actions subject to anti-market abuse regulations. It also creates a new regime to govern market soundings, and imposes tough new obligations on regulated firms.
We talked through the MAR journey and discussed how it might affect firms.
Financial crime hot topics: DPA's and Correspondent BankingBovill
At our February briefing in London, we looked at the evolution of and practical approaches to two current hot topics, Deferred Prosecution Agreements (DPAs) and Correspondent Banking.
This document summarizes when an alternative investment fund (AIF) needs to appoint a depositary under the Alternative Investment Fund Managers Directive (AIFMD). It explains that from 2013-2015, AIFs conducting private placements were subject to certain AIFMD requirements and national private placement regime rules regarding whether a depositary must be appointed. After 2015, all AIFs are subject to the full AIFMD, under which an EU AIF must appoint a depositary in its home member state, while non-EU AIFs may need to appoint a depositary depending on factors such as where they are marketed.
This document provides an overview of Annex IV reporting requirements under the Alternative Investment Fund Managers Directive (AIFMD). It discusses:
- What Annex IV reporting is and which fund managers have to file
- The required reporting frequency and deadlines, which vary based on factors like fund size and type of investments
- The information that must be reported, including static data on the fund manager and dynamic data on each alternative investment fund
- The challenges of collecting, validating, and converting large amounts of fund data into the required reporting format
- Options for completing the reporting, ranging from manual spreadsheets to integrated IT solutions
- Tips provided by the UK Financial Conduct Authority on Annex IV reporting, including using
Digital payments and SupTech were the two main topics that emerged at the recent meeting in Basel of the Global Financial Standard Setting Bodies (SSBs) on new developments in FinTech.
The presentation slides were prepared and delivered by Better Than Cash Alliance member, Bangko Sentral ng Pilipinas.
The FinTech sector has grown rapidly in last few years and is on track of ever evolving track. Prior to 2008 financial crisis, the traditional banking sector was the only playground available for financial needs. The financial crisis collapsed the traditional banking & financial mechanism and paved the way for more secure and updated financial transaction which led to emergence of FinTech, which has altered the economic viability of traditional banking sector participants to originate loans, translating into contraction of the credit supply for individuals and SMEs.
Today, financial markets & services are flooded with technology driven innovation, whereby new non-depository institutions- referred to as peer-to-peer financing, loan based crowdfunding platform, marketplace lenders (MPL) - providing loans of various types and duration to end users through online and mobile channels. Some of these companies lend from their own corpus/balancesheet, while some serve as brokers between investors and borrowers, commonly referred to as “Platform Lenders”.
Payments has been the frontrunner in the large scale consumer adoption of Fintech in India, aided by the spread of smartphones and mobile internet at affordable price points. Most FinTech players started out by identifying a niche/use case for building a customer base ( e.g. Paytm for online payments, Ola Money for cab payments, Airtel Money for phone bills etc.) and then expanding onto other services.
Indian regulatory authorities including RBI, SEBI & IRDA have adopted an accommodative stance towards an emerging Fintech sector without bringing in prohibitive guidelines to over regulate the sector. Despite catching up with the rapidly evolving eco system, Indian regulators have adopted a consultative approach and have been proactively foreseeing the need for adequate regulations, especially in the areas concerning public funds i.e. peer-to-peer lending, crowd funding and alternative currencies.
Embracing Fintech Innovations-Unlocking New Opportunities for Financial Insti...basilmph
In the ever-evolving world of finance, the term "Fintech Innovations" is more than a buzzword; it's a revolutionary force driving change. Financial institutions, once anchored in tradition, are now at a crossroads, compelled to explore new opportunities or risk falling behind.
Chapter 1 stored value retail payment systemQuan Risk
This document provides an overview of stored value facilities (SVFs) and the regulatory framework for SVFs in Hong Kong. It discusses key topics including:
- SVFs are a type of retail payment system that allows storing monetary value that can be used for payments.
- SVFs are regulated by the Hong Kong Monetary Authority under the Payment Systems and Stored Value Facilities Ordinance, which establishes licensing requirements and outlines the regulator's supervisory and enforcement powers.
- Money laundering is a risk for SVFs due to their ability to be topped up with cash and used anonymously for cross-border transactions. Regulations aim to balance anti-money laundering controls with market development.
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Fintech o2o digital hybrid finance presentation by Grow VC GroupGrow VC Group
Digital hybrid finance presentation for fintech online-to-offline conference in Hong Kong - how the traditional finance can cooperate with and utilize fintech and digital finance.
This Seminar will initiate a reflection regarding the extent to which innovation within the Financial Technology (FinTech) sector can and should be regulated.
The case will be illustrated with examples of the UK and EU market (e.g. the Financial Conduct Authority (FCA)’s Project ‘Innovate’ and the European Commission’s Single European Payment Area (SEPA)) and the implications for innovation will be discussed.
This will be complemented by introducing an Asian perspective as to the capacity of specific jurisdictions to frame and catalyse innovation, focusing on specific challenges and opportunities in Mainland China and Hong Kong.
Can virtual banks accelerate initiatives toward cashless and smart nations.pdfElevate Ventures
"Elevate Ventures is more than a group of companies and like-minded individuals. We’re a team who share a vision to promote the continuous adoption of new Web 3.0 technologies, incubate the next generation of talents and drive innovations.
Collectively, we can elevate the lives of those around us."
The Future of Digital Payments: Trends and Innovations in FinanceAyeshaZahir4
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FinTech is driving unprecedented innovation in financial services through new business models, heavy funding of startups, rapid product development, and new customer expectations focused on experience. This is creating competitive pressures and changing the landscape for traditional financial institutions. A PwC survey found that over 20% of financial institutions' business is at risk from FinTech firms, especially in consumer banking, payments, and asset management. While financial institutions recognize threats, many are unsure how to respond to trends like blockchain technology. The survey also found that FinTech improves customer experience and reduces costs, but collaboration between FinTechs and traditional firms faces challenges around regulations, business models, and organizational culture.
Digital Finance ecosystem is emerging. It is changing all finance services. Resource sharing, partner networks and APIs have very important role in the ecosystem. Grow VC Group companies offer solutions and services to enable digital finance.
Grow VC Group digital finance insight and visionGrow VC Group
Digital Finance ecosystem is emerging. It is changing all finance services. Resource sharing, partner networks and APIs have very important role in the ecosystem. Grow VC Group companies offer solutions and services to enable digital finance.
This presentation explores what future of commerce may look like given the current trends in mobile devices, digital payments, social commerce and security including tokenization and new forms of identity verification
This document discusses emerging opportunities in the fintech space. It begins by explaining the origins of fintech, defining it as the intersection of finance and technology to enhance traditional financial services. It provides examples of fintech companies like Stripe and Coinbase. It then outlines several problems that fintech could address, such as limited access to credit, high remittance fees, and cash-based payroll systems. Finally, it discusses trends in fintech like buy now pay later options, digital-only banks, and blockchain technology. It also lists specific opportunities for fintech in Africa, including microloans, digital payments, micro-insurance, and blockchain-based solutions.
This report summarizes how Innovative technologies are disrupting the financial industry and how organizations can leverage them to their advantage.
It is a must read for senior executives in banks and other financial service providers (FSPs).
Overview of Digital Financial Services LandscapeJohn Owens
This presentation reviews the digital financial service landscape and is a primer for regulators and policy makers wishing to better understand current market developments.
NICSA Webinar | Reimaging the Future of the Fund Industry Through Emerging Te...NICSA
Technology innovation enables us to reimagine new ways of doing business and more importantly, how we service our clients. In this webinar, panelists will discuss recent research on new financial technologies with a specific focus on blockchain, robo-advisors, and machine learning.
The world has changed in the last six months with COVID-19! There have been a shakeup in business models and funding. As companies and customers change their behaviors, we are seeing changes on how companies are addressing new challenges.
Join Fintech experts, D.Shahrawat and Sarah Biller for a not to be missed conversation on Fintech in the Post-Covid age
During this briefing we looked at two distinct hot topics, Deferred Prosecution Agreements and Correspondent Banking. The discussion focused on the evolving challenges and practical compliance tips
Bovill briefing will minor complaints become a major issueBovill
Bovill's October London briefing covered the new rules on complaint handling - which may have a greater impact on your firm than you think. It’s no longer credible to report few or no complaints and your team will need training and support.
Bovill briefing: FCA Senior Persons Regime - December 2014 & March 2015Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the December 2014 London and March 2015 Leeds briefing on the new Senior Persons Regime. For more information visit www.bovill.com.
Further information on the event is below:
On the hook and nowhere to hide
The regulators’ focus on senior individuals is greater than ever before and the personal cost of failing in your duties can be massive.
The new Senior Managers Regime will soon replace the Significant Influence Function (SIF) component of the Approved Persons regime for UK deposit takers and systemically important investment firms. The regime aims to increase accountability – and personal liability – for individuals who are Senior Managers in these organisations, and also sets the tone for those in other types of firms.
In this briefing, we:
• Give a brief refresher on upcoming changes to the SIF and Approved Persons world
• Look at the proposed Senior Managers Regime
• Reflect on the regulators’ increased scrutiny of individuals
• Offer some practical tips on how to keep out of the regulators’ ‘firing line’
Bovill regulatory briefing - Advice models - November 2014Bovill
Bovill is a specialist financial services regulatory consultancy. We run briefings each month to help firms understand compliance with FCA regulation in a practical way. Novembers briefings were on Advice Models - details of what we cover are below:
When is advice not advice? It’s a simple question, but hard to answer.
The FCA thinks this confusion is bad for customers. Clients are not getting the help they need when making investment decisions. RDR has put retail investors off paying for traditional advice. This has created an appetite for new ways to invest.
The regulator wants to support innovative ways for providing advice and execution-only services. Although many feel the recent guidance consultation on advice still raises questions, it shows the FCA embraces
new ideas.
Our briefing helps you understand and capitalise on new advice models. We answer questions such as:
• What do terms like ‘simplified advice’, ‘non advised guided sales’ and ‘execution only’ actually mean?
• What service models should you be considering for your business?
• How can this help provide a quicker, slicker and less costly client experience?
We walk through the different elements of the FCA’s consultation, and help give you the confidence to design new service models that can meet the FCA’s expectations for suitability and appropriateness.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the July briefing on the FCA changes to the rules on holding client money and assets. For more information visit www.bovill.com.
Further information on the event is below:
For a long time there have been grey areas in the FCA’s client money and assets rules making it hard for firms to know where they stand.
The new CASS rules, announced on 10th June, aim to clarify these grey areas, and Bovill’s briefing helps bring them into sharper focus.
The changes are not fundamental in nature, but they add an important level of detail in areas where firms have been in breach in the past. The revised rules, to be brought in over the next year, will affect all firms that hold client money or assets, including loan-based crowdfunding firms.
Bovill’s July briefing provides:
• A commentary on the most significant rule changes
• Practical guidance on what these will mean for firms.
This briefing is relevant for all compliance officers of firms holding client money and/or assets, CF10as and senior management with oversight of key client money and asset processes.
Space and suitability - Bovill briefing on FCA regulation June 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the June briefing on Suitability. For more information visit www.bovill.com.
Further information on the event is below:
Suitability has been with us for what can seem like forever. And, like the universe itself, its impact is far reaching and its complexity can at times seem bewildering.
In our briefing we explore themes around suitability and look at the journey firms have been on.
It has been three years since the wealth management ‘Dear CEO letter’. Bovill’s Richard Scrivener – who was at the regulator at the time – looks at some of the issues still troubling parts of the industry as well as the FCA, such as risk-profiling, assessing capacity for loss and what to do with ‘client-directed holdings’.
We give some practical insight into how these issues are being tackled. We also touch on some related areas, for instance, delving into recent Final Notices to spot what is new and what lessons can be learned and looking at more recent regulatory developments.
Spotting the banana skins - avoiding FCA enforcement through better complianc...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the May briefing on FCA enforcement and compliance oversight. For more information visit www.bovill.com.
Further information on the event is below:
The FCA’s Risk Outlook last month sent a strong signal that the responsibility of compliance officers goes beyond ticking boxes. And enforcement action shows that increasingly individuals are held accountable.
But what does this mean practically for day to day governance and oversight? One way to spot the banana skins is to understand who’s slipped on them before.
The FCA has recently imposed significant personal fines on compliance officers and other approved persons for:
• Inadequate oversight of the implementation of a firm’s policies and procedures
• Failure to disclose a potential conflict of interest
• Failure to recognise the regulatory significance and have sufficient oversight of the firm’s overseas activities.
Bovill’s briefing explored effective oversight.
We looked at the FCA’s reasons for imposing these fines, and suggested ways of making sure your firm has sufficient oversight of its business –
helping you spot the banana skins before you slip up.
Conduct risk beyond the rulebook bovill briefing march 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the March briefing on Conduct Risk. For more information visit www.bovill.com.
Further information on the event is below:
Conduct Risk: beyond the rule book
“One of the features of regulation, historically, was that it was all about compliance. Were a particular set of rules followed? Could a firm demonstrate and document that it had followed those rules to the letter? This created a cottage industry out of compliance – but did not necessarily lead to good outcomes…””
Martin Wheatley, CEO, Financial Conduct Authority
The FCA rulebook still matters, as any firm who has had a brush with the rules on client money and assets will know. However, the financial crisis showed that traditional compliance can mean the firm only knows what went wrong yesterday. Understanding what might happen tomorrow is equally important.
Managing Conduct Risk is now a key FCA expectation. It involves understanding what outcomes will flow from today’s actions – for the firm, its customers and the financial markets more broadly. And the Conduct Risk agenda is now more likely to involve smaller firms.
Bovill’s briefing looked at Conduct Risk and covered:
• What is Conduct Risk and where did the idea come from?
• What regulatory powers does the FCA use in its approach?
• How can you manage Conduct Risk?
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Marketing in a brave new world - FCA financial promotions regulation - Bovill...Bovill
The document discusses new rules around financial promotions and marketing of investments. Key points include:
- New rules restrict the promotion of non-mainstream pooled investments (NMPIs) to retail investors, allowing promotion only to certified high net worth, sophisticated, or existing investors.
- The Alternative Investment Fund Managers Directive (AIFMD) also introduces marketing restrictions depending on whether a fund is located in the EEA and if its manager is above thresholds.
- Proposed rules would restrict direct offer financial promotions for unlisted debt/equity to certified retail investors or those receiving advisory services.
- Firms must consider financial promotion rules when using social media to discuss investments and ensure communications remain fair, clear and
'EIS & Crowdfunding: regulatory considerations' Gill Roche-Saunders from Bovi...Bovill
While the case for diversifying a portfolio into alternatives is well understood, the practical challenges can be hard to overcome. EIS arrangements and crowdfunding platforms are an increasingly popular option to access alternative investments and are not restricted by the same obstacles that apply to unregulated collective investment schemes.
As a consultant with UK regulatory consultancy Bovill, Gillian presented on how the regulatory regime applies to these types of investments and what intermediaries need to consider when recommending them.
Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
Pridesys Garments ERP is one of the leading ERP solution provider, especially for Garments industries which is integrated with
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reconciliation process etc. It’s also integrated with other modules of Pridesys ERP including finance, accounts, HR, supply-chain etc.
With this automated solution you can easily track your business activities and entire operations of your garments manufacturing
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[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
HR search is critical to a company's success because it ensures the correct people are in place. HR search integrates workforce capabilities with company goals by painstakingly identifying, screening, and employing qualified candidates, supporting innovation, productivity, and growth. Efficient talent acquisition improves teamwork while encouraging collaboration. Also, it reduces turnover, saves money, and ensures consistency. Furthermore, HR search discovers and develops leadership potential, resulting in a strong pipeline of future leaders. Finally, this strategic approach to recruitment enables businesses to respond to market changes, beat competitors, and achieve long-term success.
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In the competitive world of content creation, standing out and maximising revenue on platforms like OnlyFans can be challenging. This is where partnering with an OnlyFans agency can make a significant difference. Here are five key benefits for content creators considering this option:
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
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BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
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Discover innovative uses of Revit in urban planning and design, enhancing city landscapes with advanced architectural solutions. Understand how architectural firms are using Revit to transform how processes and outcomes within urban planning and design fields look. They are supplementing work and putting in value through speed and imagination that the architects and planners are placing into composing progressive urban areas that are not only colorful but also pragmatic.
3. What is Fintech?
Financial technology, also known as FinTech, is a line of
business based on using software to provide financial services.
Financial technology companies are generally startups founded
with the purpose of disrupting incumbent financial systems and
corporations that rely less on software.
Wikipedia
5. The climate for Fintech in the UK
Gaps in the market
Competition mandate for FCA
Government’s aim for a global FinTech centre
London landscape: finance, technology and political power
6. Currency
A flavour of the FinTech landscape
Payments & Transfers Financial Management
Lending & Financing
Investments & Exchanges
Banking
Virtual Currency
Data
Infrastructure
7. Regulatory challenges for FinTech generally
Breaking new ground
Competence of team
Identifying your activities
Old rules to new business
Assessing what rules apply
New ways of interacting
Online risk
Cybercrime, cybersecurity
Getting a bank account
Global business, local rules
No harmonisation
10. Virtual Currency
Purchase
Transfer to
e-wallet
Transaction Verification
Added to
Blockchain
“A type of unregulated, digital money, which is issued and usually controlled
by its developers, and used and accepted among the members of a
specific virtual community”
12. Distributed Ledgers
Digital Record
• One public version of identical
records of transactions and
existence of VCs
Reliable
• Difficult to manipulate
information
Financial Services
• Potential to renovate the current
banking infrastructure
Further opportunities
• Endless possibilities of use,
such as taxes, passports, votes
etc.
14. Payments and Transfers
Registered vs Authorised
PSD2 and Wire Money Transfer Regulations
Security of payments (EBA guidelines)
New: the Payment Systems Regulator
15. Challenger banks
Credit risk: standardised vs internal ratings based approach
Services vs risk on balance sheet
Bank Start-Up Unit
FT
16. Challenger banks
Bank authorisation when
need early certainty in
outcome
Initial
Application
Mobilisation
Authorisation
with Limitation
Restriction
lifted
• Business viability
• Senior appointments
• Capital and liquidity
• IT and outsourcing
• Governance
• Policies & procedures
17. Crowdfunding & P2P lending
Crowdfunding
Challenge of existing rules to new business
Focus on ‘user journey’
P2P: A brand new regime
Prescriptive rules not a good fit
Latitude causing uncertainty
18. FCA Sandbox
Regulated Sandbox activity
Exemptions
By Way of Business test
Legislation
• Reducing uncertainty, cost and time
• Encouraging more solutions to be trialled
Individual guidance
Restricted authorisation
No enforcement action letter
Waiver
FCA
Virtual sandbox
Sandbox umbrella
Industry