Category Archives: Uncategorized

Delay for AIFMD third-country passport extension

It looks like the EU will hold off on AIFMD third-country passport extensions until Brexit develops a clearer path. Ugo Bassi, Director of Financial Markets, pointed towards the technical complexities and ongoing assessment period, also in light of Brexit, at … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , ,

Average annualized cost of cybersecurity for financial services firms $17M+

Below are a few interesting data points from the Ponemon Institute 2017 Cost of Cyber Crime Study, jointly developed with Accenture: Notably, the average annualized cost for financial services companies is over $17M, and include evolving business models by criminals, … Continue reading

Posted in Uncategorized

SEC names Driscoll as Director of OCIE and moves away from “broken windows” approach

The SEC officially named Pete Driscoll the Director of the agency’s Office of Compliance Inspections and Examinations (OCIE). OCIE directs the national examination program with a risk-based approach and Driscoll has served as director since January 2017. Chairman Clayton in a … Continue reading

Posted in Uncategorized

SEC issues three no-action letters on Mifid II research provisions

Following a consultation with the European authorities, the SEC issued three no-action letters that deal with access to research and will help provide certainty on US business procedures ahead of Jan 3, 2018. The no-action relief allows firms to comply … Continue reading

Posted in Uncategorized

Risk & compliance: Aladdin generates $600m for BlackRock from 180 external clients

BlackRock highlights technology as a growth driver and with Aladdin generated $595 million in revenue from 180 external clients last year, up 13% year-on-year. Compliance and better understand risk have fueled that growth. In 2014 at their annual “Hackathon”, the … Continue reading

Posted in Uncategorized

PWC’s Asset & Wealth Industry Predictions: Assets “double”, greater risks

PWC in its latest Asset & Wealth Management Industry whitepaper predicts assets to go from $85T to $145T in the next decade – why the authors would call it almost doubling the assets I am not sure (and I am … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , , , ,

Compliance and RegTech: Paris vs London post Brexit

The Compliance Strategy Institute (CSI) last month held Executive roundtables both in London and Paris, with specific workshops and focus areas around Brexit and the possible competition from Paris and other cities vis-a-vis London in the context of Mifid 2, … Continue reading

Posted in Uncategorized