Banks have not been paying enough attention to tax issues, particularly with speculation over the launch of an EU-wide financial transaction tax (FTT), due to focusing so many resources on keeping up with a flood of new regulations. This could lead to problems.
Reporting and Governance
Firms bracing for expansion of SM&CR
The UK’s SM&CR is to be rolled out to the wider financial sector creating a new wave of compliance challenges for firms that are impacted
Lessons for 2019: creating a robust risk management framework
Banks still face a mountain of regulatory initiatives to implement, but at least the last decade has given them much experience and provided plenty of lessons on best practice
Banks still trying to perfect ways to improve employee behaviour
Some 10 years after the global financial crisis, banks are still struggling to find the most effective measures to improve their corporate cultures to avoid misconduct
Whistleblower complaints to FCA rocketed 24% in 2018
Complaints by whistleblowers to the UK’s Financial Conduct Authority (FCA) soared by 24% in 2019, covering a range of issues from customer protection through to market manipulation and data security.
DSB conducting user survey and setting up user forum
The Derivatives Service Bureau (DSB) is conducting a user survey and establishing a group-wide agreement forum as part of its 2019 industry consultation milestones.
Former Fed chair worries about banking culture
The current culture of the financial system and that of banks in particular is a source of concern, said Paul Volcker, a former chairman of the US Federal Reserve Board.
GAO gives OCC recommendations to avoid regulatory capture
The US Government Accountability Office (GAO) has given the Office of the Comptroller of the Currency (OCC) nine recommendations to make it less susceptible to regulatory capture.
CFTC accepts defeat over trader manipulation case
The US Commodity Futures Trading Commission (CFTC) has accepted the dismissal of a five-year case it brought against DRW Investments for market manipulation and will not appeal it.
SEC: most cybersecurity incidents not reported
According to the US Securities and Exchange Commission (SEC) only four public companies out of 42 reported a cybersecurity incident in 2018 in their regulatory filings.
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