Is a more strategic and integrated approach achievable?
Since the financial crisis, regulators worldwide have taken a much more proactive and intrusive approach. Insurance regulation has been no exception to this trend, which has led to an unprecedented volume of new regulations that place huge demand on firms’ capacity to manage change and ongoing compliance. Against this backdrop, we pose the question of whether a more integrated and strategic approach to regulatory change is possible. While we think the answer is YES, we recognise that it is not easy and certain challenges will remain.
This month we are featuring the third in a series of MiFID Busters. Each edition will explore a MiFID II theme, setting out the key changes and practical implications for financial institutions. The March MiFID Buster focuses on the requirements around product governance.
This month we are featuring the second in a series of MiFID Busters. Each edition will explore a MiFID II theme, setting out the key changes and practical implications for financial institutions. The February MiFID Buster focuses on the rules governing telephone and electronic recording.
The recent fine (£163m in the UK, $425m in the US) of Deutsche Bank AG (Deutsche Bank) emphasised some key messages for firms to take heed of. The fine related to facilitating a scheme of suspicious securities trading, termed as ‘mirror trading’, which enabled customers to transfer $10 billion out of Russia into overseas bank accounts. In addition to the fine, which is the largest of its kind ever levied by the UK regulator, Deutsche Bank must engage an independent monitor selected by the New York Department of Financial Services under the Consent Order, to conduct a comprehensive review of its anti-money laundering (AML) framework.
This month we are launching the first in a series of MiFID Busters. Each edition will explore a MiFID II theme, setting out the key changes and practical implications for financial institutions. The January MiFID Buster focuses on the much discussed investment research requirements, and is an essential read for firms who issue investment research in the UK and Europe.
4MLD will bring a sharper focus to risk-based approaches to the prevention of money laundering and terrorist financing – introducing more targeted and effective measures to counter these risks. Compliance will be required in 2017, but there is plenty firms can, and should, do now to prepare.