Large Language Model or Large Liability Model? What are the risks of ChatGPT in financial services
As firms begin to implement ChatGPT into their business models they must be aware of its limitations. We look at the risks that ChatGPT could pose to financial services.
Compliance & Conversation – Eyes on surveillance: from trading to communications, why is the spotlight on surveillance?
Global Relay sits down with Head of Global Wholesale Market Surveillance at Barclays, Steve Livermore, and Group Head of Market Conduct Risk at UBS, Ian Blair, to cover the trending topics in surveillance.
On Demand: Compliance & Conversation – What could the U.K. general election result mean for the future of regulation?
Global Relay sat down with Ashurst Partner, Brad Rice and Seung Earm, Partner at Ibex Compliance LLP, to discuss what the U.K. election result could mean for financial services.
Personal phones, personal gains: further fines for non-compliant communication
After two years of sustained enforcement action for firms that failed to ensure compliant communication, June shows that the focus on non-compliant communication and recordkeeping failures lives on – for regulators and financial institutions alike.
Bank of England: PS21/3 and Building Operational Resilience
PS21/3 is the Bank of England’s new policy for Financial Market Infrastructures (FMIs) to build their operational resilience. It aims to ensure an undisrupted service from the likes of payment systems like Visa and BACS, even while they face significant threats.
NASD Rule 3010: What is it and what are the requirements?
Did you know that the supervision section of NASD’s rule 3010 is one of the most violated rules in all of the SEC’s regulations? By now, broker-traders know the risks of non-compliance. Alongside monetary fines and suspensions, the reputational effects can cause damage to a firm’s credibility.
A Guide to the FINRA 4370 Rule
It’s not often that regulators and their member firms are in harmony about the need and effectiveness of a rule. In fact, most new rules lead to complaints about disruptions to growth, unfair disadvantages for smaller firms and unnecessary or irrelevant requirements. But FINRA’s 4370 might be the exception.
FINRA 3130: the role of the Chief Compliance Officer
When firms are instructed by the regulators to supervise themselves, it’s not like leaving a kid alone in a candy shop. Instead, regulators like FINRA give specific instructions for broker-dealers to follow in rule 3130. For example, on how to monitor communications, sales and even the management of third party relationships.
EU Artificial Intelligence Act
“We finally have the world’s first binding law on artificial intelligence, to reduce risks, create opportunities, combat discrimination, and bring transparency”, said Brando Benefei of the European Parliament.
Global Relay Industry Insights: Compliant Communications 2024
Global Relay has compiled and analyzed industry responses to regulatory action to lift the lid on how compliance, risk, and surveillance executives are managing business communication, and their attitudes to emerging risk, from AI to social media.
FCA’s Operational Observations: are firms prepared for operational resilience deadline?
The Financial Conduct Authority has published its observations on how firms are preparing for new operational resilience rules coming into force in 2025, which acts as a guide of focus areas for firms.