Find out how compliance teams are managing business communication in 2023 We asked our compliance network how they were managing communication channels in the face of constant innovation and increasing regulatory scrutiny. This report analyzes the results of that survey, as well as the opinions given by seasoned practitioners at our roundtable events, including TP… Continue reading Industry Insights Report: Compliant Communications 2023
Author: Jennie Clarke
Crypto communication: insider trades and regulatory crusades
The former product manager of cryptocurrency exchange platform Coinbase has been sentenced after being found guilty of insider trading. Having previously pled guilty to conspiracy to commit wire fraud in February 2023, Ishan Wahi will now face two years in prison. Ishan Wahi’s case is a both a familiar tale, and a landmark case. On… Continue reading Crypto communication: insider trades and regulatory crusades
New York Department of Financial Services revises vetting rules for CCOs
“A compromised director, officer, or manager can threaten an organization’s safety and soundness at any time during an individual’s service”. These were the words of the New York Department of Financial Services’ (the Department) Superintendent Adrienne Harris, when announcing new guidance on the vetting of senior leaders on May 9, 2023. In an announcement that… Continue reading New York Department of Financial Services revises vetting rules for CCOs
Proposed amendments to FINRA Rule 3110 alter regulatory expectation for WFH
The Financial Industry Regulatory Authority (FINRA) has published – or technically republished – proposals to adopt a new supplementary material to FINRA Rule 3110 that will amend regulatory expectations around the supervision of home offices. The proposal, which has been met with a degree of scrutiny from certain organizations and authorities, looks to “modernize” current… Continue reading Proposed amendments to FINRA Rule 3110 alter regulatory expectation for WFH
Fed report on SVB crash: time for a change?
The collapse of Silicon Valley Bank (SVB) in March 2023 sent ripples through the financial services industry. A once-profitable and fast-growing bank was brought to its knees almost overnight. “How was it allowed to happen?” many asked. Were the warning signs not clear? After the event, the U.S. Federal Reserve Board swiftly moved to conduct… Continue reading Fed report on SVB crash: time for a change?
FSOC proposes changes to non-bank regulation loopholes
The Financial Stability Oversight Council (the FSOC) has voted unanimously to issue proposals that will change the way that it assesses financial stability risks, especially those posed by non-bank institutions. Following considerable market turbulence over the last few months, the FSOC is exploring ways to make it easier to bring non-bank institutions within the regulatory… Continue reading FSOC proposes changes to non-bank regulation loopholes
UK regulators take aim at WhatsApp: is this the first domino to fall?
The United States, over the past two years, has firmly positioned recordkeeping and compliant communication at the forefront of their regulatory agenda. In Fiscal Year 2022, U.S. regulators issued more than $2bn in regulatory fines for firms who failed to adequately monitor, capture and retain messages sent for business purposes across various different channels. U.K.… Continue reading UK regulators take aim at WhatsApp: is this the first domino to fall?
OSFI Annual Risk Outlook: emerging risks in an evolving financial landscape
The Office of the Superintendent of Financial Institutions Canada (OSFI) has published its Annual Risk Outlook (ARO) for Fiscal Year 2023-2024. The ARO looks to take stock of the current risk environment for federally regulated institutions (FRFIs) and serves as a useful guide of regulation to come in the next Fiscal Year. This year, OSFI… Continue reading OSFI Annual Risk Outlook: emerging risks in an evolving financial landscape
SEC brings recordkeeping into the 21st century with Rule 17a-4 amendments
The compliance date for the amendments to Rule 17a-4 is May 3, 2023. If you would like Global Relay to assist you with 17a-4 filings, please see below. ————————————————————————— Think back to 1997, if you can. Did you have a mobile phone? What did your computer look like? Do you still remember your dial up… Continue reading SEC brings recordkeeping into the 21st century with Rule 17a-4 amendments
What do explainability and compliance have in common? It’s in the ‘AI’
At the beginning of April 2023, Elon Musk and other technology luminaries called for a halt to the training of certain AI while governance systems are “rapidly accelerated”. In the same week, the UK government published a Policy Paper looking to put the UK “on course to be the best place in the world to… Continue reading What do explainability and compliance have in common? It’s in the ‘AI’