Regulation


Finland’s Alandsbanken adopts SunGard risk management tools

Nordic bank Alandsbanken has chosen risk management tools from SunGard, which it says will help the bank to comply with new financial regulations. SunGard’s Ambit Risk and Ambit Performance products will be used by the bank to manage interest rate and liquidity risk and help the bank keep track of its balance sheet.

Mizuho adopts Basel III compliance toolkit as rules tighten

Japan’s Mizuho International has adopted the common reporting, financial reporting and liquidity coverage ratio modules of Wolters Kluwer’s Basel III toolkit, which is designed to help banks cope as regulators tighten the screws on the banking sector’s capital requirements.

CME Group partners with MarkitServ for OTC FX clearing

US derivatives giant CME Group and OTC trade processing service MarkitServ have connected to support clearing for OTC FX transactions, ahead of new regulations in the US and Europe on the central clearing of OTC contracts.

Avoiding spreadsheet Hell

The JP Morgan Task Force Report into its Chief Investment Office’s $6 billion-plus loss found the bank’s Value at Risk was being calculated with an Excel spreadsheet that “required time-consuming manual inputs to entries and formulas, which increased the potential for errors”.

FSA’s swansong opens a fast track for new entrant banks

In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.

FATCA woes for US au pairs in Switzerland

They were never going to be happy in Switzerland about the US FATCA legislation that will be used to hunt down people avoiding US taxes, but it’s a surprise to hear that some Swiss burghers are feeling sorry for a group of US citizens who have become part of the fabric of society there.

FSA Libor rules to take effect from 1 April

New rules and regulations for financial benchmarks following the Libor scandal will come into effect next Monday, says the Financial Services Authority, and will follow the recommendations of the Wheatley Review.

SEPA – Time to Make the Change

The shift to SEPA offers significant benefits to businesses – from lower bank fees on euro payments and direct debits to opportunities to streamline processes.

SEPA direct debit uptake “unacceptable” says ECB

The European Central Bank says that the speed of adopion of direct debits in line with the Single Euro Payments Area standards is “unacceptable” and urged regulators and payment service providers to make greater efforts to push the instrument or risk damaging the reputation of the scheme.

TSAM delegates slam OTC derivatives regulation

As Europe’s new EMIR derivatives regulation takes hold, senior buy-side representatives have warned that new rules including EMIR and Basel III might actually exacerbate risks rather than reduce them.

Cease & Desist: Ill. Gets Tough with Square and ‘Unlicensed Money Transmitters’ (March 2013)

The Illinois Department of Financial & Professional Regulation recently released five cease and desist orders from January 2013 against six entities for unlicensed activities under the state’s Transmitters of Money Act. These six entities offer a variety of services in Illinois, including domestic and international money transfer, bill payment services and prepaid cards.  One of […]

Fed’s Interchange and Routing FAQs Throw Prepaid in a Tizzy (March 2013)

The Federal Reserve Board (Fed) quietly released changes to its FAQs on Reg. II’s restrictions on debit card interchange fees and routing. Five new FAQs were added and one existing FAQ was revised. Changes in two areas directly affect prepaid cards: the exemption for “general use prepaid cards” and the requirement for adding a second […]

RBS offers to automate SEPA migration for corporates

The Royal Bank of Scotland has announced a new product intended to help clients migrate to mandatory SEPA standards. Called the RBS SEPA Accelerator, the product has a feature that allows a corporate implementing the SEPA XML file format to independently initiate, monitor and amend file testing, validation and end-to-end simulation. This ensures that a corporate can self-test its SEPA readiness.

FATCA: joining the KYC dots?

FATCA compliance might not need a separate programme – it ought to be covered by the same approach as AML, RDR and KYC regulations, among others.