ReportWire

Tag: compliance

  • ‘This will be an interesting trip’: President Trump to speak in Switzerland amid Greenland uproar

    President Donald Trump will deliver a speech today at the World Economic Forum in Davos, Switzerland, focusing on a plan to make housing more affordable, while his comments about acquiring Greenland continue to stir tensions with European allies.”This will be an interesting trip. I have no idea what’s going to happen, but you are well represented,” Trump told reporters before departing the White House for Switzerland.The speech comes shortly after he threatened to impose tariffs on Denmark and seven other allies due to their opposition to his interest in acquiring Greenland. Trump announced that the tariffs would start at 10% next month and increase to 25% by June. The tensions over the U.S. interest in the Danish territory have already affected Wall Street, with stocks rattled on Tuesday.In Davos, Canada’s Prime Minister Mark Carney warned global leaders that the world is “facing a rupture,” emphasizing the risks of countries trying to avoid conflict by compliance. “There is a strong tendency for countries to go along to get along, to accommodate to avoid trouble, to hope that compliance will buy safety. Well, it won’t,” Carney said.Carney also added that Canada opposes tariffs over Greenland. Trump’s speech is expected to focus largely on housing, and following his address, he will meet with leaders at the forum, according to the White House.Home sales in the U.S. are at a 30-year low with rising prices. Reports show elevated mortgage rates are keeping prospective home buyers out of the market. Rent, for several years, has been the largest contributor to inflation.This comes as Trump announced his plan to buy $200 billion in mortgage securities to help lower interest rates on home loans. He’s also called for a ban on large financial companies buying houses. Keep watching for the latest from the Washington News Bureau:s

    WASHINGTON —

    President Donald Trump will deliver a speech today at the World Economic Forum in Davos, Switzerland, focusing on a plan to make housing more affordable, while his comments about acquiring Greenland continue to stir tensions with European allies.

    “This will be an interesting trip. I have no idea what’s going to happen, but you are well represented,” Trump told reporters before departing the White House for Switzerland.

    The speech comes shortly after he threatened to impose tariffs on Denmark and seven other allies due to their opposition to his interest in acquiring Greenland.

    Trump announced that the tariffs would start at 10% next month and increase to 25% by June.

    The tensions over the U.S. interest in the Danish territory have already affected Wall Street, with stocks rattled on Tuesday.

    In Davos, Canada’s Prime Minister Mark Carney warned global leaders that the world is “facing a rupture,” emphasizing the risks of countries trying to avoid conflict by compliance.

    “There is a strong tendency for countries to go along to get along, to accommodate to avoid trouble, to hope that compliance will buy safety. Well, it won’t,” Carney said.

    Carney also added that Canada opposes tariffs over Greenland.

    Trump’s speech is expected to focus largely on housing, and following his address, he will meet with leaders at the forum, according to the White House.

    Home sales in the U.S. are at a 30-year low with rising prices. Reports show elevated mortgage rates are keeping prospective home buyers out of the market. Rent, for several years, has been the largest contributor to inflation.

    This comes as Trump announced his plan to buy $200 billion in mortgage securities to help lower interest rates on home loans. He’s also called for a ban on large financial companies buying houses.

    Keep watching for the latest from the Washington News Bureau:

    s

    Source link

  • SMBC Americas deploys Fenergo AI for KYC, AML compliance

    Banking giant SMBC Americas is deploying AI solutions from fintech Fenergo to streamline KYC, AML and client lifecycle management at the $2.1 trillion bank.  

    The deployment comes as part of a multiyear transformation aimed at “simplifying the technology infrastructure and removing manual processes,” SMBC Americas Chief Operating Officer Greg Keeley stated in a Jan. 7 release. 

    Financial institutions are seeing up to 80% reductions in manual review times for KYC and AML compliance with the fintech’s AI solution, according to Fenergo.  

    The compliance service provider is also helping banks achieve up to 70% faster client onboarding and 50% fewer KYC remediation cycles by “automating data extraction, client verification and risk scoring,” Fenergo Director of Thought Leadership Tracy Moore told FinAi News.  

    “AI-driven insights also enhance risk detection accuracy, helping institutions identify potential AML issues earlier and with greater precision,” she said.  

    Fenergo’s clients include: 

    Read more on Fenergo leadership here.  

    Fenergo is not the only fintech addressing growing demand for AI-driven compliance solutions in financial services.  

    • Digital solutions provider HGS today launched AMLens, an AML tool it says can reduce case-analysis time by up to 75%, according to a company release.  
    • Fintech Droit also recently launched a generative AI tool to enhance compliance decision-making.  

    Limiting disruption  

    Fenergo develops its platform internally and works with Amazon Web Services to power its AI tools securely and at scale, “ensuring financial institutions benefit from the latest advancements in cloud and machine learning technology,” Moore said.  

    “Our AI is delivered through Fenergo’s cloud-based SaaS platform, with flexible API integration so institutions can easily connect it to their existing systems.”

    — Tracy Moore, Fenergo

    “Our approach to AI is built with strong governance and transparency, giving financial institutions full oversight and control over how AI-driven insights are used in KYC, onboarding and compliance processes,” she said. 

    It typically takes between six to 12 weeks for the compliance tool to be fully integrated in banking operations, although it varies based on the size of the institution, Moore said. 

    To minimize disruptions during the implementation phase, Fenergo works “hand-in-hand” with each institution to design the right operating model for their specific needs, she said.  

    “We also reduce friction through open APIs, guided onboarding and AI-driven automation, which simplify integration, data migration and process setup,” she said.  

    Gen AI for compliance ops  

    The global market for generative AI in financial services is projected to more than double to $5.1 billion in 2029 from $1.9 billion in 2025, according to the Business Research Company, citing compliance-solutions demand as a key growth driver.  

    Fenergo uses gen AI for specific areas in its platform to enhance efficiency and decision-making, Moore said. 

    “For example, generative AI helps automate document summarization, data extraction and the generation of risk narratives or client due diligence summaries, all underpinned by strong governance and human oversight.”

    — Tracy Moore, Fenergo

    While gen AI presents significant opportunities to bolster KYC workflows, there are several associated risks, according to credit analysis and financial solutions provider Moody’s, including: 

    • Hallucinations in text generation; 
    • Regulatory variance by state or country; and 
    • Algorithmic bias.  

    Thus, FIs must use trusted KYC databases for machine learning, integrate global data, maintain human oversight and update systems as needed, according to Moody’s. 

    Many financial institutions including Ally Financial, Grasshopper, University of Michigan Credit Union and TD are deploying gen AI tech to fight money laundering and KYC processes, according to FinAi News’ prior reporting.  

    Register here by Jan. 16 for early bird pricing for the inaugural FinAi Banking Summit, taking place March 2-3 in Denver. View the full event agenda here.   

    Quinn Donoghue

    Source link

  • Droit launches gen AI-powered compliance tool

    Droit, a technology firm focused on computational law and regulation, today announced the launch of Decision Decoder, a generative AI-powered tool designed to explain regulatory compliance decisions. Decision Decoder provides context-aware, plain-language explanations for compliance determinations made by its patented Adept platform, according to the release. The Adept platform is used by major financial institutions […]

    FinAi News, AI-assisted

    Source link

  • December Global Regulatory Brief: Digital finance | Insights | Bloomberg Professional Services

    MAS updates guide on the tokenization of capital markets products

    Summary

    The Monetary Authority of Singapore (MAS) has updated its regulatory guide on tokenized capital markets products (CMPs), clarifying how securities laws apply to digital tokens. The revised guide, released on 14 November 2025, replaces the earlier Digital Token Offerings (DTO) Guide and reflects evolving market practices and technologies.

    Context

    Originally published in 2017 and updated in 2020, the DTO Guide provided guidance on digital token offerings under MAS-administered laws. The latest update responds to growing interest in tokenizing CMPs and the expansion of token-related activities across the capital markets value chain, including trading, settlement, and custody.

    Key takeaways

    • Technology-Neutral Approach: MAS continues to assess tokenized CMPs based on their economic substance rather than technological form.
    • Regulatory Scope: Tokenised CMPs are subject to the same requirements under the Securities and Futures Act (SFA) and Financial Advisers Act (FAA) as traditional CMPs.
    • Disclosure Requirements: Issuers must disclose token-specific risks and characteristics, including DLT architecture, smart contracts, custody arrangements, and legal rights.
    • Licensing Obligations: Entities involved in issuance, trading, custody, or advisory services related to tokenised CMPs may require MAS licences unless exempted.
    • AML/CFT Compliance: MAS reiterates the applicability of anti-money laundering and counter-terrorism financing obligations to token-related activities.
    • Extra-Territorial Reach: MAS regulations may apply to overseas activities with substantial effects in Singapore.
    • Case Studies: The guide includes 17 illustrative case studies to help entities assess whether their tokens qualify as CMPs.

    Next steps

    • Entities planning to issue or offer digital tokens in Singapore should:
      • Seek legal advice from Singapore-qualified counsel.
      • Review the guide and case studies to determine regulatory obligations.
      • If necessary, submit an enquiry to MAS using the checklist in Appendix 3.
    • MAS may issue further updates to the guide as tokenization practices evolve.

    SC announces first cohort of Regulatory Sandbox participants

    The Securities Commission Malaysia (SC) has selected six participants for the inaugural cohort of its Regulatory Sandbox, aimed at fostering innovation in the capital market. The sandbox provides a controlled environment for testing new products and services that enhance market vibrancy and inclusiveness.

    Context

    The Regulatory Sandbox was launched during the SCxSC Fintech Summit in 2024 as part of SC’s innovation toolkit. Applications for participation were open between 15 April and 31 May 2025, attracting strong interest from diverse market players.

    Key takeaways

    • Participants and Themes:
      • Alternative Real Estate Investments: Wahed X Sdn Bhd (Wahed) and Urban NX Sdn Bhd (Urby)
      • Secondary Market Innovation: Kapital DX Sdn Bhd (KLDX) and Pitch Platforms Sdn Bhd (PSTX 2.0)
      • Alternative Financing: Virtual Economy Technology Sdn Bhd (V Systems) and PeerHive (M) Sdn Bhd (PeerHive)
    • Several participants will leverage advanced data analytics and blockchain to improve due diligence and introduce new operating models.
    • Testing will occur over approximately 12 months, starting in two batches: January 2026 or July 2026, depending on readiness.
    • The sandbox aims to balance innovation with investor protection, supporting responsible experimentation under defined parameters.

    Next steps

    • Participants will begin testing in early or mid-2026.
    • Corporations with innovative business models can engage with the SC through the Alliance of FinTech Community (aFINity) by submitting proposals to afinity@seccom.com.my.
    • Further details on the sandbox framework are available via SC’s official resources.

    The Australian government publishes its National AI Plan

    The Australian government announces that the Australian government is releasing the National AI Plan, ‘a comprehensive roadmap to build an AI-enabled economy that harnesses the full potential of artificial intelligence for the benefit of all Australians’.

    Further detail

    The National AI Plan has three goals:

    1. Capturing the opportunities, including attracting investment in Australia’s digital and physical infrastructure, supporting local capability, and positioning Australia as a leading destination for future AI investment.
    2. Spreading the benefits, including improving public services, supporting AI adoption and building skills across the economy, including for not-for-profits, universities, schools, TAFEs and community organisations.
    3. Keeping Australians safe, including through setting up the recently announced AI Safety Institute to monitor, test and share information on emerging AI capabilities, risks and harms, which builds on our commitment to robust legal, regulatory, and ethical frameworks and engaging internationally to protect rights and build trust.

    The plan noted that Australia has strong protections in place to address many risks, but the technology is fast-moving and regulation must keep pace. That’s why the government continues to assess the suitability of existing laws in the context of AI. The government is taking action to identify and understand how AI risks deal with specific harms, including reviews and regulations relating to online harms, copyright law, AI use in healthcare and consumer protections.

    The announcement was backed by a $29.9 million commitment to establish the AI Safety Institute in early 2026 to ensure that the government is monitoring and responding to risks, supporting agencies and regulators.

    Stated the Minister of Science: ‘The National AI Plan is about making sure technology serves Australians, not the other way around…As the technology continues to evolve, we will continue to refine and strengthen this plan to seize new opportunities and act decisively to keep Australians safe”.

    The Business Council of Australia called the plan “an important step forward [that] charts a clear direction for how Australia can embrace AI to boost productivity, sharpen our competitiveness and raise living standards”.

    Bloomberg

    Source link

  • December Global Regulatory Brief: Risk, capital and financial stability | Insights | Bloomberg Professional Services

    APRA finalises changes to phase out Additional Tier 1 capital instruments

    The Australian Prudential Regulation Authority (APRA) has finalised consequential amendments to its bank prudential framework to phase out Additional Tier 1 (AT1) capital instruments – also known as hybrid bonds – as eligible regulatory capital.

    Background

    On 21 September 2023, APRA had released a discussion paper on the challenges of using AT1 capital instruments in a potential bank stress scenario in an Australian context. This came after the Council of Financial Regulators (CFR) had flagged that ‘international experience has highlighted the importance of crisis management tools, including Additional Tier 1 capital operating as intended and guarantee schemes being able to provide depositors timely access to funds’.

    On 10 September 2024, APRA released a discussion paper that outlined potential amendments to APRA’s prudential framework to ensure that the capital strength of the Australian banking system operates more effectively in stress. This included proposing to replace bank-issued AT1 capital instruments with more reliable and effective forms of regulatory capital.

    In December of last year, APRA had confirmed its decision to phase out AT1. That was accompanied by a letter whose purpose it was to confirm APRA’s approach, minimise uncertainty, and to support an orderly transition. Among others, APRA made clear that it would further consider the impact of the removal of AT1 on other prudential requirements and determine whether any amendments should be proposed.

    On 8 July of this year, APRA had released a consultation paper on implementing APRA’s decision to phase out AT1 capital instruments. The paper also proposed consequential amendments to APRA’s prudential and reporting frameworks.

    Today, APRA confirmed that existing AT1 will be phased out gradually to ensure an orderly transition and limit any immediate impacts on issuers or investors. APRA expects all AT1 issued by banks to be phased out by 2032.

    There will be no changes to the existing legal terms, including subordination, of these outstanding instruments.

    The regulator also made the accompanying changes to its prudential framework to facilitate the transition, including a reduction of the minimum leverage ratio requirement from 3.5 to 3.25%, measured on a Common Equity Tier 1 (CET1) capital basis, in order to avoid consequential tightening of the minimum leverage ratio. The new prudential standards and guidance will come into effect on 1 January 2027. APRA expects banks to be compliant with the updated reporting requirements for the March 2027 quarter reporting period.

    The anticipated benefits of the phasing out of AT1 are:

    • improved stabilization in a crisis and reduced contagion risk. International experience has shown that AT1 capital does not fulfil a stabilizing function in a crisis due to the complexities of using it and the risk of causing contagion;
    • enhanced proportionality by lowering the cost of capital for smaller banks relative to larger banks; and
    • reduced compliance costs for banks by simplifying the framework and removing a capital instrument that can impose additional design, marketing and issuance costs, particularly for small banks.

    APRA will allow banks to replace AT1 predominantly with cheaper and more reliable forms of capital that would absorb losses more effectively in times of stress.

    UAE enacts new AML law

    The UAE has issued a new AML/CTF law, replacing the 2018 framework, and introducing significant updates to the UAE’s legal framework on AML/CFT and proliferation financing. It aligns the UAE’s laws more closely with Financial Action Task Force (FATF) standards and addresses identified gaps in risk-based supervision, enforcement powers, and virtual asset regulation. The law strengthens institutional coordination, clarifies liability for legal persons, and enhances the capacity for both domestic and international cooperation.

    Key points and proposals

    • Broader Definitions: Expanded definitions of money laundering, predicate offences (including tax crimes), and proliferation financing (Art. 2–3).
    • Legal Person Liability: Legal persons are now directly liable for AML/CFT offences committed in their name or interest (Art. 4, 27).
    • Virtual Assets: Explicit coverage of virtual assets and service providers, including reporting and licensing requirements (Art. 1, 19–20, 30).
    • Beneficial Ownership: Strengthened transparency and disclosure obligations for beneficial owners, including criminal penalties for non-compliance (Art. 19, 35).
    • Expanded Enforcement Powers: The Financial Intelligence Unit and law enforcement are granted enhanced powers for freezing, seizure, and undercover operations (Art. 5–9).
    • Administrative Penalties: Supervisory authorities can impose fines up to AED 5 million per violation, with revocation of licenses for repeat or serious breaches (Art. 17).
    • International Cooperation: Provisions facilitate rapid exchange of information and recognition of foreign confiscation orders (Art. 21–22).

    Implications and next steps

    The law entered into force two weeks after its publication (i.e. mid-October 2025). Executive Regulations will follow via Cabinet resolution to clarify implementation details. Businesses—especially financial institutions, DNFBPs, and virtual asset service providers—must prepare for stricter supervision, enhanced due diligence obligations, and proactive reporting requirements. Legal entities should update internal controls and compliance programs to align with the new law.

    The NZFMA updates insider trading guidance

    The FMA issues a revised educational information sheet on insider trading

    The revised sheet replaces a previous report dated August 2025 and seeks to support stronger practice on insider trading across the investment industry, following industry engagement.

    Further details

    In its mid-year Financial Conduct Report, the FMA had signalled its concerns regarding insider trading, following a steady increase in insider trading referrals from NZ RegCo.

    The information sheet outlines the view of the FMA on how the statutory prohibitions against insider trading under the Financial Markets Conduct Act 2013 may apply to situations where a person trades in a listed issuer (B) while in possession of non-public information relating to another listed issuer (A) – a practice sometimes referred to as ‘shadow insider trading’.

    It replaces a previous report dated August 2025 titled ‘Shadow Insider Trading: Regulatory expectations and emerging conduct risk’.

    Stated Louise Unger, Executive Director for Response and Enforcement:

    “This information sheet is informed by industry feedback on the FMA’s approach following inquiries made by the FMA earlier in the year into the trading conduct of two institutional investors. The FMA decided to take an educative approach, rather than an intervention, to clarify for industry how the insider trading prohibitions may apply in these types of circumstances. We do not want the safeguards around this type of insider trading to deter legitimate market activity.

    The updated November information sheet includes risk mitigation strategies that may help investors manage their risk.”

    Bloomberg

    Source link

  • December Global Regulatory Brief: Trading and markets | Insights | Bloomberg Professional Services

    EU Commission launches major package to fully integrate EU financial markets

    The EU Commission presented the legislative package on market integration and efficient supervision to tackle regulatory and supervisory barriers within the EU that give rise to the fragmentation and underperformance of EU capital markets. It is the flagship initiative under the Savings and Investments Union (SIU) Strategy, and proposes a significant revamp of market structure and supervision with amendments to MIFID/R, UCITS, AIFMD, EMIR, CSDR, CBFD, ESAs Regulation, DLT Pilot, MICAR and SFD.

    Context

    More integrated capital markets are essential to support economic growth and achieving strategic priorities such as increased competitiveness. EU financial markets remain significantly fragmented, small and lack competitiveness, missing out on potential economies of scale and efficiency gains. Financial institutions still face varying requirements and practices across Member States, hindering cross-border operations and restricting opportunities for both citizens and businesses, negatively impacting the economy and the EU’s competitiveness.

    Proposed measures

    • Removing obstacles to market integration and leveraging scale: The package aims to eliminate barriers to integration in trading, post-trading, and asset management. It seeks to enable market participants to operate more seamlessly across Member States, thus reducing cost differences between domestic and cross-border transactions. Proposed measures include enhancing passporting opportunities for Regulated Markets (RMs) and Central Securities Depositories (CSDs), introducing ‘Pan-European Market Operator’ (PEMO) status for operators of trading venues to streamline corporate structures and licenses into a single entity or single license format, and streamlining the cross-border distribution of investment funds (UCITS and AIFs) in the Union.
    • Facilitating innovation: The package focuses on removing regulatory barriers to innovation related to distributed ledger technology (DLT). It adapts the regulatory framework to support these technologies and amends the DLT Pilot Regulation (DLTPR) to relax limits, increase proportionality and flexibility, and provide legal certainty, thus encouraging the adoption of new technologies in the financial sector.
    • Streamlining and enhancing supervision: Improvements to the supervisory framework are closely linked to the removal of regulatory barriers. The package aims to address inconsistencies and complexities from fragmented national supervisory approaches, making supervision more effective and conducive to cross-border activities, while being responsive to emerging risks. This includes transferring direct supervisory competences over significant market infrastructures such as certain trading venues, Central Counterparties (CCPs), CSDs, and all Crypto-Asset Service Providers (CASPs) to the European Securities and Markets Authority (ESMA) and enhancing ESMA’s coordination role for the asset management sector.
    • Simplification and burden reduction: As seen in previous SIU measures, the package will simplify the capital markets framework further by converting directives into regulations, streamlining level 2 empowerments, and reducing national options and discretions to prevent gold-plating.

    Next steps

    The European Parliament and the Council of the EU (which brings together member states) will now kick off the negotiations on the final text of the rules. Legislative procedures generally last around 24 months, but given the sensitivity of areas covered in these proposals negotiations might well take longer.

    SEC Chair outlines reform agenda for public markets

    Securities and Exchange Commission (SEC) Chair Paul Atkins gave a speech outlining his regulatory ambition to revitalize U.S. public markets through a series of reforms.

    Context

    Chair Atkins underscored the importance of a regulatory framework that allows for a wide range of companies to raise capital through an initial public offering (IPO). Moreover, he described the decline in the number of companies listed on U.S. Exchanges since the mid-1990s as a “cautionary tale of regulatory creep”.

    Disclosures

    Chair Atkins stated that reform of the SEC’s disclosure rules is required (i) to better root disclosure obligations in the concept of financial materiality and (ii) to scale requirements with a company’s size and maturity.

    • Chair Atkins identified executive compensation disclosure requirements as one example of an area where reform is needed, following recent industry engagement that highlighted how disclosure length and complexity have limited usefulness.
    • Chair Atkins stressed that SEC disclosure rules should scale with the company’s size and maturity, and that reconsideration of the thresholds that separate “large” companies, that are subject to all disclosure rules, from “small” companies, that are subject to only some, is overdue.
    • For newly public companies, the “IPO on-ramp” could be developed further by allowing companies to remain “on-ramp” for longer than the first year currently permitted.

    Other areas of reform

    • Chair Atkins stressed that he aims to “de-politicize” shareholder meetings and return their focus to voting on director elections and significant corporate matters.
    • Chair Atkins identified the importance of reform to the litigation landscape for securities lawsuits in order to remove “frivolous complaints” while maintaining an avenue for shareholders to continue to bring forth meritorious claims.

    Looking ahead

    The SEC will pursue a series of reforms over the coming months aimed at improving U.S. public markets.

    FCA consults on framework for UK equity Consolidated Tape

    Summary

    The Financial Conduct Authority (FCA) has launched a consultation on proposals to establish a regulatory framework for introducing a UK equity Consolidated Tape (CT), which will collect and distribute both post-trade data (including prices and trading volumes) and attributed pre-trade market data on equities from all UK trading venues and OTC trades. Alongside the consultation, the FCA has launched an engagement process for prospective consolidated tape providers.

    Context

    The initiative builds on the UK Wholesale Markets Review and forms part of the FCA’s efforts to enhance transparency and efficiency in UK financial markets. By establishing a consolidated source of equity market data, the FCA aims to increase the use of UK equity trade data and provide a comprehensive view of UK equity market liquidity.

    Key takeaways

    Design Proposals

    • The FCA proposes a single equity CTP, selected via a procurement and authorisation process. The CT would include:
    • Post-trade data for all equities traded in the UK (the FCA initially evaluated four potential tape models ranging from post-trade-only to deep multi-level pre-trade data); and
    • Attributed pre-trade best bid and offer (BBO) from lit trading venues.

    The CP also proposes latency requirements for both data contributors and the CTP. Principally, data contributors must transmit information to the CTP within 50 milliseconds of timestamp (with a 95% confidence interval). The CTP must publish received data within 100 milliseconds, with a 99.99% daily confidence interval and maintain 99.95% uptime during market hours. The FCA will monitor data quality metrics, latency and completeness per contributor and may require remedial actions or publish aggregate results.

    Economic Model

    • The FCA notes that data contributors (venues and APAs) must provide data free of charge to the CTP. While the CTP may charge users commercially, licensing must be transparent and non-discriminatory. The FCA is also not proposing a requirement for “free after 15 minutes” data release. Revenue sharing with data contributors is not proposed but the FCA notes this may be reconsidered post-implementation and there is also no mandatory consumption requirement for the CT.

    Data Coverage and Governance

    • The FCA notes the CT should be as comprehensive as possible and should include data from all UK trading venues trading a relevant instrument and all APAs publishing OTC trade reports in that instrument. In-scope instruments are: shares, exchange-traded funds (ETFs), depositary receipts, certificates. Trading venues and APAs must also connect to the CTP and provide data from the start of operations.
    • Equity pre-trade transparency requirements: trading venues must supply a standard set of fields (price, volume, instrument ID, side, and timestamps) so that the CTP can calculate and publish a single attributed BBO across the market.
    • Equity post-trade transparency requirements: the FCA proposes to use the existing information under UK MiFID as the input data to a UK CTP. APAs will not be required to send to the CTP information about the time at which they received details of a trade from a client.
    • Intermediaries executing equity orders will need to consider if the equity CT’s data can improve their execution arrangements and monitoring compared to the data they already use.
    • The CTP must publish: regulatory data on the status of instruments and trading systems; a database of historical post-trade data (updated daily); and a database of pre-trade BBO data, in the same formats as post-trade data.
    • The CTP must maintain effective administrative arrangements to prevent conflicts of interest with clients, redistributors, and data contributors. Quarterly reports will also be required from the CTP to the FCA on data quality and performance and the CTP must also implement mechanisms for automated alerts on potentially erroneous data.

    Next steps

    Feedback on the consultation is due by 30 January. The FCA will review industry responses before sharing a policy statement in the first half of 2026, with the expectation that the CT will be operational in 2027. The FCA has also highlighted that it plans to conduct a post-implementation review two years after the CT launch.

    MAS finalises its equities market review

    Singapore Finalises Equities Market Review: SGX-Nasdaq Dual Listing Bridge, S$30m Value Unlock Package, and EQDP Expansion.

    Summary

    The Monetary Authority of Singapore (MAS) has concluded the Equities Market Review Group’s work with a final report outlining major reforms to enhance the competitiveness of Singapore’s equities market. Key initiatives include a proposed SGX-Nasdaq dual listing bridge, a S$30 million “Value Unlock” programme, and the appointment of six new asset managers under the Equity Market Development Programme (EQDP), bringing total allocations to S$3.95 billion.

    Context

    The Equities Market Review Group was established to assess and recommend measures to strengthen Singapore’s position as a leading equities hub. Earlier tranches of reforms were announced in February and July 2025. The final report consolidates these efforts and introduces new initiatives aimed at improving market connectivity, liquidity, and investor engagement.

    Key takeaways

    • SGX-Nasdaq Dual Listing Bridge:

    A proposed cross-border listing framework between SGX and Nasdaq will allow high-growth Asian companies (market cap ≥ S$2 billion) with global ambitions to raise capital in both regions. MAS will work with SGX to develop a harmonised prospectus disclosure regime aligned with U.S. standards to reduce regulatory friction. The new Board is expected to launch by mid-2026.

    • S$30 Million “Value Unlock” Programme:

    Funded via the Financial Sector Development Fund (FSDF), this initiative supports listed companies in enhancing shareholder value through three pillars:

    • Capabilities: Grants (“Equip” and “Elevate”) to build competencies in strategy, capital optimisation, and investor relations.
    • Communication: Toolkits, outreach, media engagement, and enhanced research coverage under the GEMS scheme.
    • Communities: Peer learning platforms such as the SID Chairpersons Guild to promote best practices.

    MAS appointed six new asset managers—Amova, AR Capital, BlackRock, Eastspring, Lion Global, and Manulife—under the EQDP, with S$2.85 billion in new placements. Combined with the first batch (Avanda, Fullerton, JP Morgan), total allocations now stand at S$3.95 billion. These managers will support IPOs and broaden investor participation in Singapore equities.

    • Market Infrastructure Enhancements:
      • Market Making: Incentives and grants to support liquidity in small- and mid-cap stocks, with details due in 1Q 2026.
      • Custody Reform: SGX to consult on broker custody accounts to modernise post-trade infrastructure and enable services like robo-investing and fractional trading.
      • Board Lot Size Reduction: SGX plans to reduce lot size for securities priced above S$10 from 100 to 10 units to improve retail access.

    Next steps

    • MAS will establish an Equity Market Implementation Committee, co-chaired by MAS MD Chia Der Jiun and SGX CEO Loh Boon Chye, to oversee execution of the measures.
    • Regulatory consultations on the dual listing framework and custody reforms are expected in 1Q 2026.
    • Further EQDP appointments will be reviewed in 2Q 2026.

    Bloomberg

    Source link

  • Immigrant truck drivers in limbo as feds deny California effort to reissue licenses

    Thousands of immigrant drivers whose commercial driver’s licenses are set to expire next month were left bewildered and disappointed when news spread that California was planning on reissuing the licenses — only to learn federal regulators had not authorized doing so.

    Amarjit Singh, a trucker and owner of a trucking company in the Bay Area, said he and other drivers were hopeful when word of California’s intentions reached them.

    “We were happy [the California Department of Motor Vehicles] was going to reissue them,” he said. “But now, things aren’t so clear and it feels like we’re in the dark.”

    Singh said he doesn’t know whether he should renew his insurance and permits that allow him to operate in different states.

    “I don’t know if I’m going to have to look for another job,” he said. “I’m stuck.”

    Singh is one of 17,000 drivers who were given 60-day cancellation notices on Nov. 6 following a federal audit of California’s non-domiciled commercial driver’s license program, which became a political flashpoint after an undocumented truck driver was accused of making an illegal U-turn and caused a crash in Florida that killed three people.

    The nationwide program allows immigrants authorized to work in the country to obtain commercial driver’s licenses. But officials said the federal audit found that the California Department of Motor Vehicles had issued thousands of licenses with expiration dates that extended beyond the work permits, prompting federal officials to halt the program until the state was in compliance.

    This week, the San Francisco Chronicle obtained a letter dated Dec. 10 from DMV Director Steve Gordon to the U.S Department of Transportation stating that the state agency had met federal guidelines and would begin reissuing the licenses.

    In a statement to The Times, DMV officials confirmed that they had notified regulators and were planning to issue the licenses on Wednesday, but federal authorities told them Tuesday that they could not proceed.

    DMV officials said they met with the Federal Motor Carrier Safety Administration, which oversees issuance of non-domiciled commercial driver’s licenses, to seek clarification about what issues remain unresolved.

    A spokesperson for the Department of Transportation, which oversees the FMCSA, would only say that it was continuing to work with the state to ensure compliance.

    The DMV is hopeful the federal government will allow California to move ahead, said agency spokesperson Eva Spiegel.

    “Commercial drivers are an important part of our economy — our supply chains don’t move and our communities don’t stay connected without them,” Spiegel said. “DMV stands ready to resume issuing commercial driver’s licenses, including corrected licenses to eligible drivers. Given we are in compliance with federal regulations and state law, this delay by the federal government not only hurts our trucking industry, but it also leaves eligible drivers in the cold without any resolution during this holiday season.”

    Bhupinder Kaur — director of operations at UNITED SIKHS, a national human and civil rights organization — said the looming cancellations will disproportionately impact Sikh, Punjabi, Latino and other immigrant drivers who are essential to California’s freight economy.

    “I’ve spoken to truckers who have delayed weddings. I’ve spoken to truckers who have closed their trucking companies. I’ve spoken to truckers who are in this weird limbo of not knowing how to support their families,” Kaur said. “I myself come from a trucker family. We’re all facing the effects of this.”

    Despite hitting a speed bump this week, Kaur said the Sikh trucking community remains hopeful.

    “The Sikh sentiment is always to remain optimistic,” she said. “We’re not going to accept it — we’re just gonna continue to fight.”

    Ruben Vives

    Source link

  • November Global Regulatory Brief: Risk, capital and financial stability | Insights | Bloomberg Professional Services

    Regulatory implications

    Unlike banks, nonbanks mostly operate under lighter prudential regulation and often provide limited disclosure of their assets, leverage, and liquidity which makes vulnerabilities and interconnections harder to detect.

    • The IMF notes the approach of regulators in the UK and Australia where they have begun integrating system-wide stress tests and scenario analysis to better understand the dynamics at play.
    • For banks, the IMF underscores the importance of implementing the Basel III standards and advancing recovery and resolution frameworks to safeguard the sector against contagion from weak banks.
    • For non-banks, the IMF calls for enhanced supervision through more extensive data collection, improving forward-looking analysis, and strengthening co-ordination between supervisors.
    • The IMF calls for improving and expanding the availability and usability of liquidity management tools for open-ended investment funds to address pressures and forced bond sales by non-banks.

    OJK issues two new regs on capital and liquidity structure

    OJK Strengthens Capital and Liquidity Structure with Two New Regulations for Islamic Banks

    Summary

    Jakarta, October 31, 2025 — The Financial Services Authority of Indonesia (OJK) has issued two new regulations aimed at enhancing the resilience and competitiveness of the national Islamic banking industry:

    1. OJK Regulation (POJK) No. 20 of 2025 on the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) for Islamic Commercial Banks (BUS) and Islamic Business Units (UUS).
    2. OJK Regulation (POJK) No. 21 of 2025 on the Leverage Ratio for Islamic Commercial Banks.

    These regulations reinforce capital structure, liquidity management, and long-term funding for Islamic banks, aligning Indonesia’s Islamic finance system with international standards under Basel III and the Islamic Financial Services Board (IFSB).

    In more detail

    POJK No. 20 of 2025 – Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR)

    This regulation requires Islamic Commercial Banks (BUS) and Islamic Business Units (UUS) to maintain both the LCR and NSFR at a minimum of 100 percent, ensuring robust short-term liquidity and stable long-term funding. Implementation will be phased in from 2026 to 2028 in line with industry readiness.

    The rule mandates regular calculation, monitoring, and reporting of liquidity and funding adequacy — both on an individual and consolidated basis — to ensure transparent and measured liquidity risk management.

    Modeled after Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools and The Net Stable Funding Ratio, and guided by IFSB’s Guidance Note GN-6, this regulation aims to align Indonesia’s Islamic banking framework with international best practices.

    Ultimately, this is expected to enhance liquidity discipline, improve asset–liability composition, and strengthen banks’ ability to withstand multiple stress scenarios — all without compromising their intermediation function.

    This initiative is part of the 2023–2027 Islamic Banking Development and Strengthening Roadmap (RP3SI), particularly under Pillar I (industry resilience) and Pillar V (regulation, licensing, and supervision).

    POJK No. 21 of 2025 – Leverage Ratio

    This regulation introduces a new capital adequacy indicator to strengthen the resilience of Islamic Commercial Banks by requiring a minimum leverage ratio of 3 percent, consistent with global Basel III and IFSB-23 standards.

    The leverage ratio enhances the industry’s awareness of maintaining proportional business growth relative to its capital base, independent of risk-weighted asset adjustments. This helps banks anticipate potential deleveraging impacts across various scenarios.

    The regulation, effective September 17, 2025, requires:

    • First reporting: end of Q1 2026
    • First public disclosure: September 2026
    • Banks failing to meet the minimum threshold must submit a corrective action plan to OJK. Non-compliance may result in administrative sanctions, including fines or non-monetary penalties.

    This move supports the creation of a strong capital foundation for Islamic Commercial Banks, enabling a healthy, globally competitive, and resilient Islamic banking system.

    Next steps

    • For BUS and UUS:
      • Begin internal readiness assessments for LCR, NSFR, and leverage ratio calculations.
      • Develop systems and processes for phased reporting between 2026–2028.
      • Integrate risk management frameworks aligned with Basel III and IFSB standards.
    • For OJK:
      • Continue supervision and capacity building to ensure smooth transition and compliance.
      • Facilitate harmonization of Islamic financial reporting and monitoring tools.

    These new regulations mark a significant milestone in building a resilient, efficient, and internationally competitive Islamic banking ecosystem in Indonesia.

    HKMA consults on new capital requirements for cryptoasset exposures

    The HKMA is seeking industry feedback on a proposed prudential framework for cryptoasset exposures held by locally incorporated authorized institutions, aligning with global standards.

    In more detail

    The Hong Kong Monetary Authority (HKMA) issued a letter to consult the banking industry on proposed changes to the Supervisory Policy Manual (SPM) module CA-G-1, on the capital adequacy regime.

    The proposal introduces a comprehensive prudential framework for Authorized Institutions’ (AIs) exposures to cryptoassets. It outlines a risk-based approach by categorizing cryptoassets into different groups, assigning differentiated capital treatments. New sections covering the topic include “Credit risk (cryptoasset exposures)” and”Calculation of risk-weighted amounts of cryptoasset exposures.” The revisions are designed to align the capital adequacy requirements with international Basel III standards and also cover derivatives, market risk, and infrastructure-related exposures.

    What’s next

    The consultation period is open until November 24, and the HKMA currently anticipates the revised standards to be implemented starting January 1, 2026.

    UK and Switzerland publish guidance for firms on the Berne Financial Services Agreement (BFSA)

    Summary

    The United Kingdom’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have issued joint guidelines for UK and Swiss firms on implementing the Berne Financial Services Agreement (BFSA). The BFSA establishes mutual recognition of financial services regulation between the UK and Switzerland, allowing cross-border provision of wholesale financial services based on deference to each jurisdiction’s supervisory frameworks. The guidance clarifies notification procedures, eligibility criteria, and reporting obligations for firms operating under the new regime. Similarly, Switzerland’s financial regulator FINMA also published guidelines for interested institutions.

    Context

    The BFSA represents the first bilateral financial services agreement of its kind between the UK and Switzerland since Brexit, formalising regulatory cooperation and equivalence across key sectors such as investment and insurance services. It aims to simplify market access for wholesale and high-net-worth clients while maintaining robust prudential standards and investor protection. The framework also strengthens supervisory collaboration among the FCA, PRA, Bank of England, and Switzerland’s FINMA.

    Key takeaways

    • Mutual Recognition Framework: Each country recognises the other’s regulatory and supervisory systems as achieving equivalent outcomes in covered sectors, promoting market integrity and financial stability.
    • Swiss Investment Services Firms:
      • May provide cross-border investment and ancillary services to UK wholesale clients and high-net-worth individuals without UK authorisation, subject to notification and registration via FINMA’s EHP platform.
      • Must meet conditions on client disclosures, annual reporting (by 30 April), and suitability tests for high-net-worth clients.
      • Required to obtain client consent for regulatory information sharing and ensure segregation of client assets when using sub-custodians.
    • UK Insurance Firms:
      • May offer certain general insurance services into Switzerland without Swiss authorisation, provided they meet solvency and prudential standards equivalent to Solvency II and are registered with FINMA.
      • Must report annually to FINMA (copied to PRA/FCA) and confirm that services are also offered outside Switzerland.
      • Retail and life insurance are excluded; only large corporate clients (meeting at least two of turnover, balance sheet, or employee thresholds) are in scope.
    • UK Investment Services Firms:
      • Must notify the FCA before providing investment services into Switzerland through client advisers on a temporary basis and comply with disclosure obligations for Swiss clients.

    Next steps

    Firms seeking to rely on the BFSA must complete the relevant notification process (via FCA Connect or FINMA’s EHP system) before providing services.

    • Annual reporting deadlines begin in April 2026, covering the 2025 reporting year.
    • The FCA and PRA will publish corresponding rule amendments disapplying conflicting domestic provisions to give full effect to the BFSA.
    • Both regulators encourage firms to review their governance, client disclosure processes, and cross-border operational structures ahead of implementation.

    Bloomberg

    Source link

  • November Global Regulatory Brief: Digital finance | Insights | Bloomberg Professional Services

    In more detail

    Summary of the guiding principles and the six pillar recommended under the guidelines include:

    • Regulatory stance: No separate AI law proposed; existing frameworks under the Information Technology Act, the Digital Personal Data Protection Act, consumer protection and sectoral laws to be used, with targeted amendments as necessary.
    • Guiding principles: Seven “sutras” — Trust, People-First, Innovation over Restraint, Fairness & Equity, Accountability, Understandable by Design, and Safety, Resilience & Sustainability.
    • The framework rests on six key pillars:
      • Infrastructure – Expanding access to high-quality data, computing resources, and integration with India’s Digital Public Infrastructure (DPI) to support inclusive and secure AI development.
      • Capacity Building – Promoting AI literacy, education, and skills development for professionals, regulators, and students to strengthen India’s AI talent base.
      • Policy & Regulation – Reviewing existing laws on data protection, copyright, and liability to address AI-specific risks through targeted amendments rather than a new AI law.
      • Risk Mitigation – Establishing India-specific risk and incident-reporting frameworks, encouraging voluntary codes, and deploying techno-legal tools such as content authentication and privacy-preserving technologies.
      • Accountability – Introducing graded liability, transparency reporting, and accessible grievance mechanisms to ensure responsible conduct across the AI value chain.
      • Institutions – Creating an AI Governance Group (AIGG) for coordination, a Technology & Policy Expert Committee (TPEC) for technical advice, and an AI Safety Institute (AISI) for risk assessment and standard-setting.
    • Implementation roadmap:
      • Short term: Set up institutions (AIGG, TPEC, AISI), develop risk frameworks, and adopt voluntary commitments.
      • Medium term: Publish common standards, amend existing laws, pilot regulatory sandboxes, and operationalise an AI incident database.
      • Long term: Review and refine governance mechanisms, introduce new laws if required, and strengthen international cooperation on AI governance.
    • Industry and regulator guidance: Industry expected to comply with existing laws, adopt voluntary codes and transparency reports, and establish grievance mechanisms; regulators advised to avoid compliance-heavy regimes and focus on techno-legal and risk-proportionate measures.

    The guidelines position India’s model as an iterative, evidence-based governance approach leveraging its digital public infrastructure and local datasets to promote inclusive, culturally aligned AI development.

    Next steps

    Government would set up institutions as suggested in the report towards operationalizing the implementation roadmap.

    Singapore bolsters national cybersecurity posture

    Summary

    Singapore is significantly bolstering its national cybersecurity posture by initiating unprecedented classified intelligence sharing with financial institutions and critical infrastructure owners to strengthen defences against state-backed hackers. A new Cyber Resilience Centre will be established to support small and medium-sized enterprises (SMEs) with prevention and recovery. The government is also enhancing supply chain security requirements, and launching frameworks to address risks associated with emerging technologies like quantum computing, AI, and mobile apps.

    In more detail

    Singapore is boosting its cyber defences with several key actions:

    • Proactive government powers: authorities will share classified threat intelligence directly with critical sectors and gain immediate investigation powers, moving beyond a traditional regulator-regulated relationship. Singapore will also partner with firms for threat-hunting and red-teaming exercises.
    • SME support: A Cyber Resilience Centre, launching in 2026, will offer SMEs a one-stop hub for preventive workshops, incident response help, and recovery aid. This addresses a context where over 80% of Singaporean enterprises experienced a cyber incident last year.
    • Modernised standards and supply chain: Updated Cyber Essentials and Cyber Trust marks now cover cloud, operational technology, and AI. ICT vendor security requirements and cybersecurity service provider (CSP) licensing will be tightened.
    • Emerging tech governance: New frameworks and consultations address Quantum Security (Quantum-Safe Handbook, Quantum Readiness Index), Agentic AI (securing autonomous systems), and Mobile App Security (Safe App Portal pilot, App Defense Alliance MOU).
    • Partnerships: Enhanced AI-driven threat intelligence sharing is being established via MOUs with TRM Labs (blockchain intelligence), Google, and AWS, focusing on areas like ransomware tracking. Singapore also renewed its UN-Singapore Cyber Programme for global capacity building.

    Next steps

    Cyber Resilience Centre launch: The centre is expected to begin operations in 2026.

    Public consultations: Consultations are open for the Quantum-Safe Handbook, Quantum Readiness Index (QRI), and the guidelines on securing agentic AI systems until December 31, 2025.

    Safe App Portal pilot: The six-month pilot of the mobile app security scanning tool is underway.

    National strategy: A more comprehensive, long-term national cybersecurity strategy is expected later this year.

    BNM issues discussion paper on asset tokenisation

    Summary

    On 30 Oct, Bank Negara Malaysia released a discussion paper outlining its proposed approach to asset tokenisation in the Malaysian financial sector. The aim is to foster a collaborative, safe and sustainable roadmap for the development of tokenised financial services in Malaysia. BNM invites industry and stakeholder feedback on the key themes, issues for clarification, and alternative proposals. Responses are due by 1 March 2026.

    In more detail

    The discussion paper reflects BNM’s recognition that asset tokenisation — the representation of financial or real-world assets in token form on digital platforms — offers potential benefits for the Malaysian financial ecosystem, including greater efficiency, new business models, and broader financial inclusion. At the same time, BNM emphasises the need to manage risks and ensure financial stability, integrity and consumer protection.

    Key elements of the proposed approach include:

    • High-level principles and use cases: The paper will set out core principles for tokenisation (such as asset backing, transparency, separation of roles, custody, etc) and identify potential use cases — for example, tokenised deposits, programmable payments, supply-chain finance, and other real-world asset tokenisation.
    • Regulatory and developmental approach: BNM emphasises collaboration with industry and other regulators (such as the Securities Commission Malaysia) to co-create frameworks, pilot tokenisation projects and explore how tokenisation may integrate with existing systems (including central bank digital currency (CBDC) considerations) while preserving monetary and financial system stability.
    • Feedback and industry input: The discussion paper invites feedback from stakeholders, asking them to articulate clear rationale, supporting evidence or illustrative examples, and propose areas of clarification or alternative approaches.
    • Safeguards and risk considerations: While innovation is encouraged, BNM flags key risks involving operational technology (e.g., distributed-ledger-technology vulnerabilities), interoperability, anti-money-laundering / counter-terror-financing (AML/CFT), custody, investor protection and system stability.

    Next steps

    • Interested parties should review the discussion paper and submit their feedback via email to tokenisation@bnm.gov.my by 1 March 2026.
    • The broader ecosystem (financial institutions, industry bodies, fintechs) may use this period to form pilot projects or collaborations with BNM’s innovation or sandbox facilities to test tokenisation use cases in a controlled environment.

    Australia’s National AI Centre releases practical guidance

    The National AI Centre (NAIC), part of the Department of Industry, Science and Resources released Guidance for AI Adoption, a practical resource to help Australian business adopt artificial intelligence safely and responsibly.

    Further details

    The guidance responded to feedback from industry seeking clearer, simpler and more actionable advice. It evolves the Voluntary AI Safety Standard and remains aligned with Australia’s AI Ethics Principles, as well as international standards and best practices.

    The guidance is designed to meet businesses where they are on their AI adoption journey:

    Foundations provides practical steps for organisations that are starting with AI, including small businesses. It focuses on aligning AI with business goals, establishing governance and managing risk across 6 practices.

    Implementation Practices supports organisations that are scaling AI or managing more complex systems. It offers detailed technical information to strengthen governance, improve oversight and embed responsible AI across systems, processes and decision-making.

    The guidance is the first update of the Voluntary AI Safety Standard (VAISS), which was published in September of last year. At time of release, it was communicated that NAIC would update the VAISS to extend best practices to AI developers as well as deployers. The update condensed 10 guardrails into 6 essential practices.

    The 2025 Responsible AI Index, released 26 August 2025 had found that only 29% had implemented relevant responsible AI practices.

    Bloomberg

    Source link

  • November Global Regulatory Brief: Trading and markets | Insights | Bloomberg Professional Services

    In more detail

    This scheme would provide an exemption for certain venture issuers listed on the TSX Venture Exchange Inc. or the CNSX Markets Inc. from the requirement to file first and third quarter financial reports.

    Context

    The creation of a voluntary semi-annual reporting framework aims to make financial reporting more efficient and cost-effective for eligible issuers.

    Looking ahead

    The CSA proposals are open for comment until December 22, 2025 and the CSA intends to engage in a broader rule-making project related to voluntary semi-annual reporting.

    FCA Consults on New Short Selling Regime

    The UK Financial Conduct Authority (FCA) has launched a consultation on its proposed rules and guidance governing short selling activity. The proposals aim to create a more efficient and proportionate framework that maintains transparency and control over short selling while removing unnecessary burdens on firms.

    Context

    This consultation are based on feedback from HM Treasury’s Short Selling Regulation: Call for Evidence, which concluded that the UK’s shonht selling regime could be largely retained but reformed to reduce disproportionate compliance costs. The consultation also reflects new powers granted to the FCA under the Financial Services and Markets Act 2023, which enables it to establish firm-facing rules replacing assimilated EU law.

    Key proposed changes

    • Position Reporting:
      • Deadline for reporting net short position (NSP) changes extended to 23:59 T+1, giving firms more time to calculate and submit.
      • New guidance will clarify how to calculate NSPs (e.g. issued share capital, timing), and how to report within groups.
      • Firms can apply for a waiver in exceptional cases such as system outages.
    • Covering Requirements:
      • Short sellers must still ensure adequate covering arrangements before trading and retain records for at least five years to strengthen auditability.
    • Reportable Shares List (RSL):
      • Replaces the old exempt list with a new Reportable Shares List identifying shares subject to reporting and covering.
      • Narrower criteria will cut the number of reportable shares.
      • Updated every two years on 1 April (aligned with the EU’s cycle) to simplify cross-border compliance.
    • Market Maker Exemptions:
      • Simplified and faster notification process, with less lead time and reduced information requirements.
      • Aims to make it easier for market makers to rely on exemptions that support liquidity.
    • Public Disclosure:
      • FCA will publish aggregate net short positions (ANSPs) by company, with individual positions anonymised.
      • New guidance will explain how ANSPs are calculated, updated, and corrected.
      • Balances transparency with confidentiality while maintaining regulatory visibility.
    • Handbook and Structural Updates:
      • New Short Selling Sourcebook (SSLS) will consolidate all rules and guidance.
      • Updates to FINMAR, SUP, DEPP, and ENF for consistency with the new regime.
      • Emergency powers retained with a high threshold and clarified via a new Statement of Policy.

    Next steps

    Comments on the consultation (CP25/29) are due by 16 December 2025. Responses may be submitted via the FCA’s online form or in writing to the FCA. Following the consultation, the FCA will finalise and publish the new short selling rules, expected to form the cornerstone of the UK’s post-EU short selling regime.

    ASIC proposes updates to its derivatives clearing rules

    ASIC is seeking feedback on its proposal to remake the ASIC Derivative Transaction Rules (Clearing) 2015 (the 2015 Rules), which are scheduled to sunset on 1 April 2026. Having reviewed the operation of the 2015 Rules to ensure they remain effective and efficient, ASIC proposes limited, minor and administrative amendments and one minor policy update in the draft 2026 Rules to modernise the 2015 Rules.

    Further detail

    Following the 2008 global financial crisis, the Leaders of the Group of Twenty (G20) nations, including Australia, committed to reforming OTC derivatives markets. A key element of this commitment was the requirement for all standardised OTC derivative transactions to be cleared through central counterparties. These reforms aimed to improve transparency, mitigate systemic risk, and protect against market abuse in OTC derivatives markets.

    On 3 January 2013, legislation establishing a framework to implement the G20 commitments in Australia came into effect. Subsequently, on 3 December 2015, ASIC made the ASIC Derivative Transaction Rules (Clearing) 2015 under section 901A of the Corporations Act 2001.

    The 2015 Rules introduced a mandatory central clearing regime in Australia for OTC interest rate derivatives denominated in Australian dollars, US dollars, euros, British pounds and Japanese yen.

    The clearing mandate applies to Australian and foreign financial institutions that meet the clearing threshold. Alternatively, entities may voluntarily opt in to comply with the Rules to benefit from substituted compliance arrangements in respect of equivalent clearing requirements in key foreign jurisdictions.

    ASIC proposes to remake the 2015 Rules in substantially the same form, except for:

    • minor administrative updates to modernise the 2015 Rules, and
    • to support post-trade risk reduction exercises, extend exemptive relief to clearing derivative transactions resulting from these exercises, consistent with existing relief in relation to multilateral portfolio compressions.

    ASIC also proposes to let transitional relief from the 2015 Rules, in relation to certain swaptions, expire on 1 April 2026.

    Details can be found on the ASIC website.

    Next steps

    ASIC welcomes feedback from industry on the proposed changes by 5pm AEDT on 28 November 2025. A consultation paper was not issued for this consultation.

    Singapore to announce measures to strengthen equity market

    Summary

    Singapore plans to announce new measures in November to enhance shareholder value and strengthen its equity market, building on the earlier “Value Unlock” programme concept. Key initiatives include practical support for listed companies (grants, toolkits), appointing a second group of asset managers under the SGD 5 billion Equity Market Development Programme (EQDP), streamlining the listing process by consolidating reviews within SGX RegCo, and consulting on ways to enhance investor recourse. These efforts are part of Singapore’s broader strategy to bolster its position as a leading international financial centre, focusing on existing strengths while building new capabilities in areas like AI.

    In more detail

    Singapore is taking several steps to boost its equity market and financial sector:

    • Value unlock programme: New measures in November will provide listed companies with government grants, toolkits, and expanded engagement platforms to help them unlock shareholder value and improve investor relations.
    • Equity market development: A second batch of asset managers (global, regional, and local) will be appointed later this year under the SGD 5 billion EQDP to attract institutional flows and broaden liquidity, complementing the first batch appointed in July. The government emphasised avoiding ‘quick fixes’ like mandating sovereign wealth fund investments.
    • Streamlined listing process: MAS and SGX RegCo will soon consult on consolidating the listing review functions within SGX RegCo to simplify the current dual-review process.
    • Investor protection: MAS will consult on proposals to enhance investor recourse mechanisms, aiming for balance without creating an overly litigious environment.
    • Strategic financial centre priorities: Singapore will focus on deepening existing strengths (asset management, insurance, FX, capital markets), building new pillars like AI, enhancing regional/global connectivity, and developing talent.

    Next steps

    • November announcement: Details of the “Value Unlock” support measures (grants, toolkits, platforms) will be announced.
    • EQDP appointments: The second batch of asset managers under the Equity Market Development Programme will be appointed later this year.
    • Consultations: MAS and SGX RegCo will issue consultations in the coming weeks on streamlining the listing process and enhancing investor recourse.
    • Review finalisation: A broader review of measures to boost the equity market is expected to be finalised by the end of the year.

    Bloomberg

    Source link

  • October Global Regulatory Brief: Digital finance | Insights | Bloomberg Professional Services

    MAS launches PathFin.ai knowledge hub to boost industry literacy and innovation in AI

    Summary

    In a speech by Minister Chee Hong Tat, the Monetary Authority of Singapore (MAS) announced the launch of the PathFin.ai knowledge hub, a strategic initiative to boost AI adoption, literacy, and innovation across Singapore’s financial sector. This launch is part of a two-pronged strategy—upgrading the AI ecosystem and upskilling the workforce—designed to ensure the sector remains competitive amidst global shifts in technology, trade, and climate change. The government confirmed its commitment to ensuring AI augments workers, with the goal of uplifting AI literacy for all employees while providing clarity on supervisory expectations for responsible AI use.

    In more detail

    Strategic vision and context

    • Growth Driver: The financial sector is critical to Singapore’s economy, growing by 6.8% last year, and is essential for creating high-value jobs for locals. AI is identified as a major force capable of adding significant value to the global sector.
    • Two Key Pillars: To maintain competitiveness, the sector will focus on: 
    1. Continuously upgrading the AI ecosystem to promote knowledge exchange and innovation;
    2. Uplifting and upskilling the workforce to be AI-ready.

    Pillar 1: Upgrading the AI ccosystem

    • PathFin.ai Knowledge Hub: Launched under the existing PathFin.ai program (which involves over 80 FIs), the hub is a new resource for peer learning. It features an initial set of successful AI use cases and learnings curated by industry participants in key areas like sales, risk management, and tech. The goal is to reduce the time and effort required for individual FIs to implement AI solutions by learning from shared experiences.
    • Enhancing Supervisory Clarity: MAS plans to boost industry confidence in innovation by clarifying its expectations on AI risk management.
      • Building on the FEAT principles (Fairness, Ethics, Accountability, Transparency), MAS will consult the industry later this year on new supervisory guidelines on AI risk management.
      • Concurrently, MAS is developing the Project MindForge AI risk management handbook for publication later this year, which will provide practitioners’ perspectives to guide responsible AI deployment.

    Pillar 2: Preparing the AI-ready workforce

    • Jobs Transformation Map (JTM): MAS and IBF, in partnership with WSG, developed a JTM to study how Generative AI will reshape jobs and skills. Pilot programs with 10 FIs are testing and refining the approach.
    • Universal AI Literacy: The core principle is to “leave no one behind” by lifting foundational AI skills for all workers (e.g., prompt design, AI governance). The three local banks have committed to training all 35,000 of their Singapore employees in the next 1–2 years using IBF-accredited programs.
    • Augmentation over Replacement: The strategy is to augment employees with role-specific AI tools, streamlining routine tasks to enable them to take on higher-value and more complex work, thereby improving productivity and career progression (e.g., Manulife underwriters, Bank of Singapore RMs).
    • Talent Pipeline: IBF is working with Institutes of Higher Learning (IHLs) and FIs (like UBS and UOB) to establish internships and traineeships for young talent to gain practical exposure to AI use cases in finance early in their careers.

    Next steps

    • MAS Consults on AI Risk Guidelines: MAS will formally consult the industry later this year on new supervisory guidelines for AI risk management.
    • Publish Practitioner Handbook: The Project MindForge AI risk management handbook will be published later this year to assist FIs with responsible AI implementation.
    • Expand PathFin.ai Hub Content: MAS and industry partners will progressively enhance the PathFin.ai knowledge hub with more peer-validated use cases, resources, and solutions.
    • Complete Mass AI Literacy Training: The three local banks are expected to complete the training of their 35,000 employees in foundational AI literacy within the next 1 to 2 years.
    • Union and FI Collaboration: FIs and unions are encouraged to utilize platforms like the NTUC Company Training Committee (CTC) grant and roll out IBF-accredited courses to accelerate the upskilling of the financial sector workforce.

    The Australian government proposes legislation for crypto platforms

    Treasury presented proposals for new rules affecting digital asset platforms (DAPs) and tokenised custody platforms (TCPs) in Australia. The focus of the legislation is on businesses that hold assets on behalf of clients, rather than on the digital assets themselves. It is part of the Government’s commitment in the 2024-2025 budget to modernise Australia’s digital asset regulation.

    Background

    The draft legislation seeks to capture DAPs and TCPs by introducing each as new financial products. Where digital assets already fall within existing financial product definitions, the proposed laws will largely apply to activities involving those assets in the same way they do now. However, the proposals introduce targeted elements of risk mitigation, regulatory clarity, and “right-sized” obligations – in a way that facilitates innovations without sacrificing consumer protections.

    Anyone providing specified services in relation to DAPs or TCPs will be treated as providing a financial service. Providers of financial services will need to hold an Australian Financial Services Licence (AFSL), the same licence required for other financial service providers. Using the existing AFSL framework avoids the need for a new licensing regime. It also reduces complexity and gives industry and consumers the benefit of familiar rules and protections.

    Last week, ASIC had proposed extending class relief for intermediaries engaging in the secondary distribution of a second stablecoin issued by an Australian financial services (licenced) issuer. Earlier this month, ASIC granted class relief for intermediaries engaging in the secondary distribution of a stablecoin issued by an AFS licensed issuer. ASIC advised at the time that as and when more issuers of eligible stablecoins obtain an AFS licence, it will consider extending the same relief to intermediaries distributing those stablecoins. ASIC is working closely with Treasury as it looks to implement the Government’s digital assets reforms.

    In developing its legislative proposals, Treasury considered the recommendations proposed by the FSB and IOSCO, and have been guided by them in developing the current reforms. These recommendations aim to ensure a level-playing field between traditional and emerging financial intermediaries.

    Next steps

    Treasury’s consultation closes on 24 October 2025.

    South African regulators issue consultation on upcoming cybersecurity & incident reporting standards

    Context

    The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) have issued two key Joint Standards that reshape regulatory expectations for financial institutions:

    • Joint Standard 1 of 2023 – IT Governance and Risk Management (effective 15 November 2024)
    • Joint Standard 2 of 2024 – Cybersecurity and Cyber Resilience Requirements (effective 1 June 2025)

    Together, these standards define notification obligations for material IT and cyber incidents across regulated financial institutions.

    Current development, consultation on notification framework

    In September 2025, the Authorities released Joint Communication 3 of 2025 for industry consultation, including:

    • Annexure A: Draft Determination outlining the formal notification process.
    • Annexure B: Draft template for reporting material IT and cyber incidents.
    • Annexure C: Comment template for feedback (submissions due 5 October 2025).

    Implications

    Regulators are tightening expectations around timely and standardized incident reporting.

    Bloomberg

    Source link

  • October Global Regulatory Brief: Risk, capital and financial stability | Insights | Bloomberg Professional Services

    Key takeaways

    • ASIC’s role is to ensure consumer credit protections are universally applied and enjoyed. Therefore, ongoing work to examine compliance across the sector continues to be a priority.
    • Specific areas of focus include mortgage brokers, motor vehicle finance, financial hardship, debt management, credit repair and debt collection.
    • As a key enforcement priority, ASIC is closing loopholes that enable business models to avoid consumer credit protections and is closing in on the businesses who seek to exploit them.
    • ASIC continues to take action across the spectrum, wherever it sees credit-related misconduct. Entities whose conduct causes harm to consumers – or harm to their financial futures – should expect ASIC to take an active interest.
    • ASIC’s concern is with outcomes – not the type of credit, or the type of business involved.

    South Africa advances OTC derivatives reform with new exemption framework

    Summary

    South Africa’s twin-peak regulators (the FSCA and PA) have issued Joint Standard 1 of 2025, advancing Phase 2 of OTC derivatives reform. The standard allows recognised foreign CCPs and trade repositories, mainly from equivalent jurisdictions (EU, UK, US), to apply for exemptions from local FMA licensing, avoiding duplicate regulation. It builds South Africa’s central clearing framework, balancing market access with systemic-risk oversight. 

    Purpose

    • Provides the framework to allow foreign market infrastructures from equivalent jurisdictions (e.g., EU, UK, US) to be exempted from domestic licensing and regulatory requirements.
    • The standard is a key step in Phase 2 of the Joint Roadmap for Central Clearing, complementing the broader equivalence framework and licensing regime for both local and external CCPs and TRs. 

    Insights from the Consultation Report

    The Consultation Report (August 2025) provides transparency on the feedback process and regulator responses, from organisations such as BASA, JSE, and SAIS.

    Main Issues Raised

    • Fairness to local entities: Stakeholders questioned whether foreign CCPs/TRs could operate on lighter terms than domestic ones.
      • The FSCA/PA clarified that foreign entities face equivalent or stricter requirements, as exemptions only apply after formal equivalence assessments and compliance with international standards.
    • Local presence concerns: Some advocated that external CCPs/TRs maintain a South African legal presence to mitigate systemic risk.
      • The Authorities disagreed that this should be a blanket requirement but noted they could impose local presence conditions on a case-by-case basis.
    • Systemic risk and oversight: JSE and SAIS raised concerns about loss of supervisory control, regulatory arbitrage, and data privacy.
      • The regulators emphasized that MOUs and continuous monitoring mechanisms under the FMA will ensure cooperation, data exchange, and oversight parity.
    • Timing and coordination: Some argued the framework was premature given pending reforms under the proposed COFI Bill and the FMA Review.
      • The regulators responded that this Joint Standard was a G20-mandated prerequisite and part of a phased rollout of South Africa’s central clearing regime.
    • Market fragmentation: Concerns that multiple CCPs might fragment liquidity or create unequal competition.
      • The regulators replied that competition could instead enhance efficiency and reduce concentration risk, provided consistent regulation is applied.

    The RBNZ opens a consultation on the use of the word ‘bank’ under the Deposit Takers Act 2023 (DTA)

    The consultation paper proposes expanding the use of the word ‘bank’ to all deposit takers that become licensed under the DTA. This could include entities that are currently licensed as non-bank deposit takers (NBDTs). 

    Background

    • The DTA modernises New Zealand’s regulatory framework for deposit takers. The DTA will replace existing prudential legislation with a single regulatory regime for all deposit takers.
    • Its standards are expected to come into effect on 1 December 2028. 
    • The Reserve Bank of New Zealand (Reserve Bank) has the power to authorise persons to use a restricted word in their name or title. Restricting the use of the word ‘bank’ is a standard feature of prudential regulation for deposit taking activity internationally.
    • The paper seeks feedback on:
      • a proposal to authorise the use of the term ‘bank’ by all licensed deposit takers under the DTA
      • continuing our current approach to authorising the use of the word ‘bank’ in New Zealand for overseas banks not licensed by the Reserve Bank.
    • Proposals for a second tranche of DTA regulations have been released for consultation alongside the consultation paper. These include proposed regulations that will affect the ‘perimeter’ of the DTA, which determines the types of entities that can become licensed deposit takers and therefore, subject to final policy decisions, potentially be authorised to use a restricted word in their name. 

    Next steps

    Submissions will close at 5PM on 24 November 2025. Final decisions are expected to be announced in early 2026.

    Canadian Superintendent outlines priorities for financial regulation

    Canadian Superintendent of Financial Institutions (OSFI) Peter Routledge gave a speech highlighting the resilience of Canada’s financial system as evidenced by significant capital buffers while emphasising the role OFSI plays to promote innovation and ease burdens in the Canadian market. 

    Context

    The speech comes as OSFI continues to recalibrate its regulatory approach post-pandemic, balancing resilience with competitiveness. Routledge stated that Canada has not had a deposit-taking institutional fail since 1996 while the U.S. banking system has absorbed over 500 failures in the same period, giving OFSI room to adjust its risk appetite. 

    Key takeaways

    • Resilience: Canadian banks’ CET1 ratios average 13.7%, leaving ~$500bn in lending headroom before breaching capital minimums; insurers’ core capital ratios are up 13% in six years.
    • Proactive Supervision: OSFI will continue modernizing its framework, rescinding outdated guidelines, adjusting risk-weightings, and consulting on capital treatment of certain loans to support business lending.
    • Competitive Balance: OSFI paused increases in the Basel III output floor earlier in 2025 to aid international competitiveness and announced a reduction in capital requirements for Canadian infrastructure debt and equity investments made by OFSI-regulated life insurers. 
    • Innovation and Market Entry: OSFI will revamp its approvals process to ease entry for new banks and support digital innovation (e.g., stablecoins, distributed ledger products) under the principle of “same activity, same risk, same rules.”

    Next steps

    OFSI will provide further details in November 2025 on easing burdens for smaller institutions.

    • OSFI will consult on the capital treatment of certain loans to encourage business lending by banks.
    • A streamlined approvals process for new banking entrants will be developed, alongside a risk-based framework for digital financial innovations.

    Bloomberg

    Source link

  • October Global Regulatory Brief: Trading and markets | Insights | Bloomberg Professional Services

    Key Takeaways

    • Strengthen inventory management: Firms should maintain accurate, real-time visibility over securities holdings to ensure timely access and placement.
    • Review settlement chains: Identify weak points across trading, clearing, and settlement workflows.
    • Automate manual processes: Reliance on manual intervention increases error and delay risks under compressed timelines.
    • Client and counterparty engagement: End-to-end readiness across the settlement chain is critical for success.
    • Avoid over-reliance on US experience: UK post-trade arrangements differ significantly from those in the US.
    • Address specific challenges: These include same-day securities lending and collateralisation, tighter FX cut-offs for cross-border trades, and potential settlement delays in CREST if matching is not timely. Firms are increasingly conducting detailed T+1 readiness assessments, focusing on automation, system upgrades, and identifying client segments still dependent on manual workflows.

    Next Steps

    The FCA will continue industry engagement and expects firms to develop and communicate detailed T+1 transition plans, including risk identification and mitigation strategies. Firms should monitor updates via the AST website and the FCA’s T+1 page as the transition progresses toward 2027.

    ESMA issues supervisory statement on MiFIR Review application transition regime

    ESMA published a supervisory statement on the MiFIR Review application transition regime and updated the Manual on pre- and post-trade transparency under MiFIR/D. 

    Key Takeaways

    Supervisory statement: The statement provides practical guidance on:

    • the application of the provisions on commodity derivatives and derivatives on emission allowances, and to the new SI regime; 
    • the ‘single’ volume cap mechanism; 
    • the application of the revised transparency rules for bonds, structured finance products, emission allowances, and equity instruments introduced by the MiFIR review; and 
    • the discontinuation of FITRS in the context of the Double Volume Cap regime.

    Manual on pre-trade and post-trade transparency: The updated manual includes new Section 6 on pre-trade transparency for equity instruments and Section 7 on the input/output data reported to/transmitted by the CTP.

    Saudi Arabia consults on plans to open stock market to all foreign investors

    The Saudi Capital Markets Authority (CMA) has released a draft regulatory framework for public consultation that would allow all non-resident foreign investors to directly invest in shares, debt instruments, and investment funds listed on the Kingdom’s Main Market. This marks a major shift from the previous regime, which limited direct access to certain qualified investors or required indirect participation via swap agreements.

    Key Takeaways

    • Open Access: Any foreign investor, not just those classified as “Qualified Foreign Investors” (QFIs), would be allowed to invest directly in listed shares.
    • Old Rules Repealed: The CMA would remove the QFI system and rules that let foreign investors participate through swap agreements, bringing KSA’s investment framework closer to international standards. 
    • Ownership Limits Stay: 
      • A single foreign investor (unless a strategic investor) may not own 10% or more of the shares or convertible debt instruments of any single listed company.
      • The total foreign ownership is capped at 49% of the shares or convertible debt instruments of any listed company

    These limits are clearly retained in the proposed amendments and apply across both equity and convertible debt securities.

    • Rule Changes Across the Board: Multiple CMA rules and definitions would be updated, including those covering investment accounts, depositary receipts, and company governance.

    Next Steps: The public consultation is open for 30 calendar days. Final rules will be published after reviewing comments and feedback.

    SSC issues new regulation on concurrent IPO and listing reviews

    Summary

    Vietnam’s State Securities Commission (SSC) has issued a new regulation to streamline the concurrent review of IPO and stock listing applications, aiming to shorten timelines, enhance transparency, and improve capital-raising efficiency in the securities market.

    In more detail

    The new Coordination Regulation, issued under Decision No. 709/QĐ-UBCK on September 27, 2025, implements Article 111a of Decree No. 155/2020/ND-CP (as amended). It sets out a mechanism for SSC and the Ho Chi Minh City Stock Exchange (HOSE) to jointly review IPO and listing applications, including financial statements, paid-in capital reports, company charters, and other documents. The process allows for information-sharing, written exchanges, and technical meetings, with HOSE commencing its review immediately after SSC grants the IPO registration certificate. This eliminates overlapping procedures, aligns IPO and listing requirements, and strengthens investor protections by ensuring greater consistency and transparency.

    Next steps

    The SSC expects the regulation to accelerate post-IPO listings, improve the efficiency of capital raising, and enhance the competitiveness of Vietnam’s securities market. Companies pursuing IPOs will benefit from a more streamlined process that prepares them simultaneously for listing requirements, helping to boost investor confidence and support sustainable market development.

    Bloomberg

    Source link

  • 9 High-Paying Jobs That Are Also the Most Dangerous

    High paying jobs are coveted by jobseekers, but would you be willing to risk your life doing one?

    Resume Now, an online platform that helps applicants create resumes and cover letters, analyzed data from the Bureau of Labor Statistics to determine which of the highest-paying jobs in the U.S. are the most dangerous. It may come as no surprise that most of these industries are hands-on jobs that don’t require a college degree — roles that are highly coveted by Gen Z in an economy where degrees don’t guarantee employment after graduation. So, it stands to reason that young jobseekers may be drawn to these positions, in spite of the risks.

    Keith Spencer, a career expert and certified professional resume writer at Resume Now, says in a blog post that jobseekers need to consider whether they have the ability to make “critical decisions in complex and hazardous environments,” when considering one of these careers. Anyone who’s up to the challenge, and is willing to take the risk, also needs to “[invest] in ongoing training, advanced certifications, and safety practices” to protect themselves. Adherence to safety procedures can also lead to career advancement.

    “When applying for leadership roles or higher-paying opportunities, job seekers should point to their technical skills, ability to stay calm under pressure, and record of safe operations,” Spencer says. “Those qualities stand out to employers who need trusted people in high-stakes positions.”

    Resume Now determined which high-paying jobs are the most dangerous by comparing their industry’s fatal work injury rate in 2023 — the most recent data available — in relation to median salary. Check out the top 9 most dangerous high-paying jobs:

    1. Farmers, ranchers, and other agricultural managers

    Fatalities: 171

    Median pay: $87,980

    Why it’s dangerous: Workers operate heavy machinery, work with large animals, and are exposed to the elements.

    2. Aircraft pilots and flight engineers

    Fatalities: 62

    Median pay: $198,100

    Why it’s dangerous: In-flight mechanical risks and inclement weather — plus keeping passengers safe is a huge responsibility.

    3. First-line supervisors of mechanics, installers, and repairers

    Fatalities: 47

    Median pay: $75,820

    Why it’s dangerous: Supervising workers operating heavy machinery, electrical systems, and moving vehicles.

    4. Electrical power line installers and repairers

    Fatalities: 27

    Median pay: $92,560

    Why it’s dangerous: High risk of electrocution, falls from heights, and working in severe weather.

    5. Construction managers

    Fatalities: 21

    Median pay: $106,980

    Why it’s dangerous: Exposure to falls, equipment accidents, and other hazards at construction sites.

    6. Transportation, storage, and distribution managers

    Fatalities: 9

    Median pay: $102,010

    Why it’s dangerous: Risk of vehicle accidents, plus working with heavy equipment and hazardous materials.

    7. Mining and geological engineers

    Fatalities: 8

    Median pay: $101,020

    Why it’s dangerous: Risk of cave-ins, explosions, and exposure to harmful substances.

    8. Captains, mates, and pilots of water vessels

    Fatalities: 5

    Median pay: $85,540

    Why it’s dangerous: Exposure to severe weather, vessel accidents, and the challenges of working at sea.

    9. Industrial production managers

    Fatalities: 5

    Median pay: $121,440

    Why it’s dangerous: Frequent exposure to heavy machinery, industrial processes, and factory hazards.

    Needs an ending- maybe drop a few of the lowest paid dangerous job in for contrast

    Kayla Webster

    Source link

  • FinAI fintech funding: Agentic AI startup reaches $386.3M in funding

    Compliance provider WorkFusion’s latest funding round indicates growing industry demand for fraud solutions and interest in agentic AI.  On Sept. 16, WorkFusion announced it raised $45 million in a funding round led by Toronto-based Georgian. WorkFusion, which offers agentic AI-driven solutions for financial crime compliance, has raised $386.3 million in total funding over eight funding […]

    Whitney McDonald

    Source link

  • FinAI fintech funding: Agentic AI startup reaches $386.3M in funding

    Compliance provider WorkFusion’s latest funding round indicates growing industry demand for fraud solutions and interest in agentic AI.  On Sept. 16, WorkFusion announced it raised $45 million in a funding round led by Toronto-based Georgian. WorkFusion, which offers agentic AI-driven solutions for financial crime compliance, has raised $386.3 million in total funding over eight funding […]

    Whitney McDonald

    Source link

  • FinAI fintech funding: Agentic AI startup reaches $386.3M in funding – FinAi News

    Compliance provider WorkFusion’s latest funding round indicates growing industry demand for fraud solutions and interest in agentic AI.  On Sept. 16, WorkFusion announced it raised $45 million in a funding round led by Toronto-based Georgian. WorkFusion, which offers agentic AI-driven solutions for financial crime compliance, has raised $386.3 million in total funding over eight funding […]

    Whitney McDonald

    Source link

  • IFRS 9 SPPI test and rising data needs: Sustainability Linked Bonds in focus | Insights | Bloomberg Professional Services

    What is the SPPI test under IFRS 9?

    Under IFRS 9, the classification of a financial asset depends on:

    • The business model under which the asset is held, and
    • The contractual cash flow characteristics of the asset—assessed through the SPPI test.

    If the cash flows are solely payments of principal and interest on the principal amount outstanding, the asset may qualify for amortized cost or fair value through other comprehensive income (FVOCI) classification. Otherwise, it must be measured at fair value through profit or loss (FVTPL).

    This test ensures that instruments with leverage, equity-like features, or embedded derivatives that alter basic lending characteristics are excluded from amortized cost or FVOCI treatment.

    IFRS 9 amendments impact on the SPPI test and coupon features

    On 30 May 2024, the International Accounting Standards Board (IASB) issued amendments to IFRS 9 and IFRS 7 following its Post-Implementation Review (PIR) of the classification and measurement requirements. One significant area of clarification was the treatment of financial instruments with coupon adjustment features—a topic that has gained tremendous relevance with the rise of sustainable finance.

    These amendments aim to provide clarity on whether and how coupon adjustment features, such as sustainability-linked interest rates, affect the SPPI assessment. Importantly:

    • The amendments emphasize that contractual terms that vary cash flows based on sustainability targets can still pass the SPPI test—provided they are consistent with a basic lending arrangement.
    • This includes Sustainability-Linked Bonds (SLBs), even though the standard doesn’t explicitly address them by name.

    These changes will become effective for annual reporting periods beginning on or after 1 January 2026, giving firms little time to adapt their systems and methodologies.

    Data challenge in SPPI testing for sustainability-linked bonds

    While the accounting guidance is now more refined, it introduces an intensified data challenge. In particular, firms must capture detailed contractual terms—often buried in documentation—to determine compliance with the SPPI criteria for a current universe of over 1,100 Sustainability Linked Bonds.

    Consider the bond issued by Wienerberger AG on October 4, 2023 (FIGI BBG01JHDRVZ4). This bond offers a 4.875% coupon and matures on October 4, 2028. It incorporates two Key Performance Indicators (KPIs): KPI 1 tracks GHG emission scope 1 & 2 intensity, and KPI 2 measures revenue from building products that support net-zero buildings.

    A failure to meet the Sustainability Performance Target (SPT) for KPI 1 will result in a 25 basis point (bps) per annum increase in the coupon, effective October 4, 2027. Similarly, missing SPT 2 will trigger a 50 bps per annum coupon increase on the same date.

    The maximum possible coupon step-up of 75 bps is significant, particularly for a bond with a mid-single-digit coupon. This represents a substantial relative impact of approximately 15.4% (0.75%/4.875%), indicating a material change to the bond’s effective yield, which would likely lead to a failure of the SPPI test.

    In contrast, the Capital Airport Group bond, issued on August 27, 2021 (FIGI BBG012C4X0K3), included a step-up margin of 10 bps on a 3.45% coupon at issuance. This would likely satisfy the SPPI criteria.

    Beyond the initial assessment, a further challenge lies in accurately tracking the observation date and the effective date of any coupon step-up. Once these dates have passed, the securities will meet the SPPI test, as no further step-ups need to be considered.

    How can we help?

    To prepare for the 2026 implementation date, Bloomberg’s Enterprise Data Regulatory team is reviewing its rule engine for SPPI classification of all instruments with non credit step up features. It will also add new fields that aim to quantify the magnitude and materiality of non credit linked coupon step-ups, for example: 

    • Cumulative basis point step-up that would occur if non-credit events are triggered.
    • Cumulative coupon step-up as a percentage of the original coupon.
      Both figures should be viewed in combination with the SPPI test result (IFRS9_SPPI_TEST) and attribute (IFRS9_SPPI_ATTRIBUTE)

    Notably, firms can automate and scale their SPPI determination not only at the time of issuance but also throughout its duration.

    Bloomberg’s Regulatory Data Solutions are available via Data License for scalable enterprise-wide use through Bloomberg’s ready-to-use data website, data.Bloomberg.com and can be delivered via SFTP, REST API or into a cloud environment. 

    To learn more about Bloomberg’s full suite of regulatory data solutions click here.

    Bloomberg

    Source link

  • HumanTouch Launches NavigatorAI LEAD Solution to Revolutionize Government Decision-Making With AI-Powered Insights

    Leadership, Efficiency, and Decision-Making (LEAD) FedRAMP High Authorized SaaS Solution is a management tool providing AI for rapid response, comprehensive decision capability, efficiencies, and value.


    MCLEAN, Va., April 3, 2025 (Newswire.com)
    –
    HumanTouch, a leader in innovative and mission-driven technology solutions for the federal government, announced NavigatorAI LEAD release – an AI-powered, FedRAMP High Authorized decision management platform designed to accelerate government responsiveness and revolutionize executive management and oversight during a time of rising demand and constrained resources.

    NavigatorAI LEAD provides a real-time, centralized “single pane of glass” that transforms how federal leaders visualize data, manage priorities, and make informed decisions – all while supporting a workforce tasked with driving efficiency, optimization, value, and results.

    “In today’s federal environments, speed, clarity, and confidence in decision-making are everything,” said HumanTouch Senior Vice President Kelly Morrison. “NavigatorAI LEAD equips federal leaders with the real-time insights they need to act decisively and drive impact.” With demand to consolidate data, increase transparency, optimize operations, management, and decision-making, the NavigatorAI LEAD solution delivers 360-degree enterprise views of complex data to make defendable decisions quickly, and with the real-time data to back them up.

    • Real-Time, Omni-View Visualizations: Breaks down data silos with centralized visualization tools that integrate agency and public datasets.

    • AI-Driven Decision Support: Delivers actionable insights using intelligent algorithms to track KPIs, detect trends, and improve operational efficiency.

    • Rapid Integration & Scalability: A low-code/no-code architecture ensures fast deployment across agencies, without requiring extensive IT resources.

    • Compliance-Ready: Powered by CORAS, is a FedRAMP High Authorized SaaS Solution meeting the government’s highest security and compliance standards. CORAS is the only small business solution offering with FedRAMP High Authorization.

    Optimizing Management and Decision-Making

    Originally developed to offer a solution for incoming executives with the new Administration to help get their hands around their respective portfolios and increase the speed to effective and optimized management and decision-making, NavigatorAI LEAD now scales across multiple mission-critical use cases – from performance monitoring and workforce planning to predictive analytics and “what-if” scenario modeling.

    “LEAD gives Agency Executives the power to make strategic decisions based on current, comprehensive data – not last week’s reports,” said Moe Jafari, CEO of HumanTouch. “NavigatorAI LEAD offers a future-ready AI solution for Leadership Teams to manage its leaner workforce, address staffing shortages or reductions to contracts and workforce (RIFs) and evolving public service demands. It will support agencies’ shift from reactive problem-solving to proactive, data-informed leadership – ultimately saving time, reducing costs, and improving mission outcomes.”

    NavigatorAI LEAD is available now for government agencies and system integrators. To learn more or schedule a demo, visit www.humantouchllc.com or contact info@humantouchllc.com.

    Source: HumanTouch, LLC

    Source link

  • MCN Healthcare Rebrands as MCN Solutions, Expanding Document Management Across Various Industries

    MCN Healthcare Rebrands as MCN Solutions, Expanding Document Management Across Various Industries

    Formerly known as MCN Healthcare, the company’s rebranding reflects its growth and broader industry focus.


    DENVER, October 7, 2024 (Newswire.com)
    –
    MCN Solutions, a leading provider of policy, contract, and learning management software, announces its rebrand from MCN Healthcare. This transformation underscores the company’s organic evolution from exclusively operating in the healthcare industry, to offering its cutting-edge solutions to other industries.

    “Years ago, we set out to simplify the complex regulatory landscape for healthcare staff,” said Amanda Valeur, President and Founder of MCN Solutions. “Now, our innovative software is enabling a wider range of industries to manage documents and staff education efficiently. Our evolution reflects our commitment to innovation and excellence while meeting the needs of additional sectors.”

    As part of this expansion, MCN Solutions will continue to bring its acclaimed ellucid® policy management, contract management, and learning management software to a more diverse client base, where regulation and compliance are equally as critical. MCN Solutions offers clients a streamlined and comprehensive approach to policy and contract management as well as staff education, all backed by the company’s legacy of exemplary customer service. Rebranding MCN Healthcare as MCN Solutions emphasizes the company’s long-standing commitment to providing trusted, innovative platforms that healthcare organizations have depended on for decades while expanding its services to industries nationwide.

    “Expanding into new industries allows us to introduce our software’s transformative capabilities to a wider audience,” said Pam Gustafson, Executive Vice President and Co-Founder. “Yet, our commitment to healthcare remains unwavering as we continue providing solutions that help organizations optimize patient care, improve compliance, and reduce risk.”

    MCN Solutions’ suite of products includes policy and contract management software, learning management software, healthcare policy support, and regulatory alerts and tracking. These tools enable organizations to manage documents more effectively, streamline compliance workflows, and provide employees with ongoing education.

    “As MCN Solutions grows, its core values — integrity, innovation, and dedication to client success — will remain central to its mission,” states Valeur. 

    About MCN Solutions: MCN Solutions is a premier provider of document and compliance management software. With a focus on streamlining document management, staff education, and regulatory compliance, the company’s software solutions help organizations stay organized, compliant, and efficient.

    For more information or to schedule a demo, visit https://mcnsolutions.com/.

    Source: MCN Solutions

    Source link