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News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

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Graysacle secures SEC legal win over bitcoin ETF

Graysacle secures SEC legal win over bitcoin ETF

A US federal appeals court has sided with an asset manager in a lawsuit against the Securities and Exchange Commission after the regulator denied an application to convert the Grayscale Bitcoin Trust into an exchange-traded fund.

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FNA awarded University of Cambridge grant to develop market monitoring tool

FNA awarded University of Cambridge grant to develop market monitoring tool

How can scaling up in the UK drive Fintech growth?

How can scaling up in the UK drive Fintech growth?

US Treasury sets out crypto tax reporting proposal

US Treasury sets out crypto tax reporting proposal

Morgan Stanley hit with £5.4 million fine after energy traders used WhatsApp

Morgan Stanley hit with £5.4 million fine after energy traders used WhatsApp

TT boosts cross-asset offering with Abel Noser Solutions acquisition

TT boosts cross-asset offering with Abel Noser Solutions acquisition

Colendi gets green light for Turkish digital bank

Colendi gets green light for Turkish digital bank

SEC charges fintech investment adviser with violating marketing rule

SEC charges fintech investment adviser with violating marketing rule

Slovenia ranked as EU's most crypto-obsessed country

Slovenia ranked as EU's most crypto-obsessed country

India central bank to launch credit tech platform

India central bank to launch credit tech platform

FCA to take ‘balanced’ approach in access to cash regime

FCA to take ‘balanced’ approach in access to cash regime

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[New Report] The Future of Fintech in Africa 2023[New Report] The Future of Fintech in Africa 2023
Regulation & Compliance blogs
Artificial Intelligence and Financial Services  

AI: Do Regulators Have a Hope of Keeping Pace?

Evgeniy Ivantsov

Evgeniy Ivantsov - FYST - Riga

Artificial Intelligence and Financial Services  

AI-nnovating Financial Compliance

Dima Kats

Dima Kats - Clear Junction - London

Banking  

How to approach cloud portability in BFSI

Asim Kar

Asim Kar - TCS - Select

Banking Strategy, Digital and Transformation  

Global trends for Faster Payments

John Bertrand

John Bertrand - Tec 8 Limited - London

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Latest TV
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How can scaling up in the UK drive Fintech growth?

How can scaling up in the UK drive Fintech growth?

Louise Smith, Chair of Innovate Finance and WTW Neuron Digital Trading, talks with Richard Peers from Responsible Risk, about scaling and growing fintech companies in the UK, including how to effectively navigate the regulatory landscape and how to capitalize on available opportunities.
The Emperor’s New Climate Scenarios

The Emperor’s New Climate Scenarios

Sandy Trust, Head of Organisational Risk, M&G, and former Chair of the Sustainability Board at the Institute and Faculty of Actuaries, discusses with Richard Peers from Responsible Risk, how commonly used climate-change scenarios are hindering financial services and proposes alternative approaches.
Finastra & Thunes: The Global Benefits & Potential Of Alternative Payment Rails

Finastra & Thunes: The Global Benefits & Potential Of Alternative Payment Rails

In the final episode of this 4-part FinextraTV series, Dawei Wang, Head of Strategic Partnerships, Thunes, and Tim Forster, Director, Sales and Strategic Partners, Financial Messaging Marketplaces at Finastra, discuss hot spots for cross-border payments. Exploring specific regions and markets, we cover cross-border payment democratization, the role of alternative payment rails in encouraging Financial Inclusion and reaching ESG goals, the business benefits they offer and how the trend extends to the US and Europe.
Why Sustainable Cities are Essential to Addressing Climate Change

Why Sustainable Cities are Essential to Addressing Climate Change

Professor David Simon, Professor of Development Geography, Director of External Engagement, Royal Holloway, University of London, speaks to Richard Peers from Responsible Risk in the lead-up to Sustainable Finance.Live, about the solutions for tackling cities' overconsumption, which accounts for over two-thirds of the world's energy and is responsible for more than 70% of global energy-related CO2 emissions.
The long read
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Níamh Curran

Consumer Duty: It's just the beginning of the process

Níamh Curran - Reporter - Finextra
Discussion
AI: Do Regulators Have a Hope of Keeping Pace?
Ketharaman Swaminathan

Ketharaman Swaminathan

  No. Regulators cannot keep up with AI.  Take ChatGPT itself as an example. It's the pinnacle of leveraging of Regulatory Gap, which has been the strategy followed by fintech, rideshare, room share and many startup industries in regulated industries.  While training ChatGPT, OpenAI scraped data from billions of websites without their express permission and probably in violation of their TOS. Now that ChatGPT is launched and popular, OpenAI has announced steps that website owners can take to prevent their websites from getting scraped by OpenAI's bot. This is unethical, if not also illegal in some jurisdictions. But will any regulator shut ChatGPT down now? Had OpenAI announced, in advance, its plans to slurp the content of billions of websites when it started doing so a few years ago, I can bet that ChatGPT would have been DOA.

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Morgan Stanley hit with £5.4 million fine after energy traders used WhatsApp
A Finextra Member

A Finextra member

  At an unnamed US operation of a foriegn IB, I was going through all billing (I'd been there maybe a year) from Bloomberg, and suddenly realized that I wasn't seeing anything from B Vault.  I checked with another vendor, and learned that the latter made messaging available for downloading and review, but we didn't seem to be doing anything with it.  From BB, we had something setup, but it was all a mystery.  Got into it, and discovered that a few years earlier, it was being setup.  But what I found made it clear that it hadn't been touched since then.  Many current users were not set up, most had no managers set up to review their messaging (the managers actually cared, for the most part, though some didn't, and some didn't want anyone in their 'business')..  Turns out that my then new boss had been in charge of the setup, then apparently walked away from it.  I told him it was a problem, but it was like he was Sgt Schultz in Hogans Heroes - I see nothing, I hear Nothing, I know nothing.  IOTW, don't bother me.  Until his former coworkers in internal audit informed me that they wanted to see where things stood.  Then my boss suddenly got religion.  He was a tiny bit helpful in getting a few bosses to cooperate, not in actually doing things.  A coworker and I basically set it up like new, learned how to administer it, And by the time I had to leave because my job was moving out of my commuting range (I WAS HYBRID, there was no good reason for it) we were mostly up again on BV.  But of course, no one wanted to know about other such exposures.   One sort of related thought; in my first full time Managing Market Data job, the trading floors had lockers for all phones.  But no one used them.  Surprise, surprise.  Compliance in a major bank?  Frequenty a huge, bad joke.

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Seigniorage : The last roll of the dice for cash
David Hensley
Blog group founder

David Hensley

  Thanks Paul. I'm as interested in accessing the written down cash as the income it generates

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Seigniorage : The last roll of the dice for cash
K Paul Blond

K Paul Blond

  Interesting article David Central Banks often pay over seigniorage income to Government separately to budgeting for cash issuing and handling costs, so not netted out. If it was net figure and a sum be directly apportioned for cash access and assurance purposes a lot of the current issues could be resolved. As interest rates rise seigniorage income becomes a bigger ticket item (although typically offsetting the underlying government assets at also higher rates) - a bit like a mortgage offset account!

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Featured
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Minister orders review after Bank of Ireland IT glitch

Minister orders review after Bank of Ireland IT glitch

Singapore rolls out new regulatory framework for stablecoins

Singapore rolls out new regulatory framework for stablecoins

Bank of Canada paper casts doubt on CBDC value

Bank of Canada paper casts doubt on CBDC value

FCA urges Brits to watch out for loan fee fraud

FCA urges Brits to watch out for loan fee fraud

The long read
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Paige McNamee

Industry calls for clarity on the PSR’s APP fraud proposals

Paige McNamee - Finextra Research
Elsewhere...

  1. Silicon

    Italy bans ChatGPT over personal data risk

  2. Politico

    Time to replace Bank of England’s governor with ChatGPT

  3. The Guardian

    ‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse

  4. New Money Review

    Dark money concerns over Boris Johnson donor

  5. Bloomberg

    London Payments Firm Moves $1 Billion a Month Despite ‘Red Flags’

The long read
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Pilar Arzuaga

Generative AI: Why data protection needs to be emphasised

Pilar Arzuaga - Senior Associate, McDermott, Will & Emery