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To Protect & Detect - White Paper: An evaluation of Compliance System Requirements for the
Securities Market
Many financial services
firms have been failing to comply with post MiFID Regulations and the Market Abuse Directive (MAD) because of aging legacy
systems reports this new white paper commissioned by Business Systems (UK) Ltd. The operational and technological problems faced by compliance officers combined with the intolerable burden of compliance
and accurate reporting caused by disparate systems and databases are highlighted as significant contributing factors.
The heart of the white paper examines potential technology solutions to the problems highlighted by the FSA's
‘MiFID Thematic Review' published in 2009. The white paper concludes that significantly more investment in new systems
technology is required by financial services firms, to benchmark the firm's performance, against client contracts and
service level agreements. It goes on to suggest that a rules based approach to systems design will provide a historical data
line, that in time, will enable more proactive compliance, preventing breaches rather than detecting them.
The
Content Covers:
The Financial Services Market - & the regulatory burden
Compliance problems for Financial
Services Firms
Requirements for Compliance Systems
FSA report "MiFID supervisory priorities - results of
wholesale thematic review"
Market Abuse, Rogue Traders & Insider Dealing
ASP & Outsourcing
Future
systems for compliance
Intended Audience: Financial Services firms, Compliance officers, teams and departments,
Heads & Managers of Technology, Telecomm's & Trading and Consultants & Procurement Specialists in the area's
outlined above
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MiFID a market examination - White Paper
The aim of this white paper is to describe the many MiFID
Client Classification impacts on regulated European financial services firms it has been necessary to make some assumptions.
There is no finite way to comply with MiFID as much depends on the business descriptions, scope
and range of many different types and size of Company that make up the domestic markets in the European Union. The white paper
therefore deals in high level facts but raises questions that each type of regulated firm within a business sector should
be able to answer. If not, this indicates a problem within the firm that requires urgent attention.
The whitepaper tries to promote ideas and possible solutions
towards MiFID implementation and potential issues that may arise in a post MiFID market. It also touchs on related issues
and MiFID articles concerning firm’s policies, suitability and appropriateness tests and try to tie these important
components together to form a strategic business benefit as well to achieve compliance.
The summary and conclusions
will attempt to steer the reader towards the technical solutions that are on offer and the strategic importance to the regulated
firm of building long term planning into the compliance business model to address future regulatory changes.
The market
regulators appear to be taking a pragmatic view of non MiFID compliance post November however, this tolerance will only be
short lasting and regulated firms need to plan their business changes under MiFID and the necessary technology to demonstrate
compliance.
This white paper is therefore opportune in explaining some of the imperatives
around client classifications.
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Financial Services - Mobiles - White PaperWhat are the risks? – Is there a solution?
The dealing room environment within financial institutions remains the focal point where
the prevention of insider dealing and other fraudulent activities concentrates the minds of regulators and compliance officers.
However, since the explosion of the use of mobile telephones as a tool for business there has been a widening black hole in
communications security, due to the inability to record and control incoming and outgoing calls.
This Whitepaper examines the industry problem and attempts to identify solutions to an increasing
problem.
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SEPA moving against the tide - White Paper
SEPA is fast moving towards its January 2008 implementation, or is
it? At this very late stage there are some very serious obstacles still to overcome and despite plenty of media rhetoric SEPA
appears to be heading for only partial success and is likely to fall well short of its original objectives.
This report examines the weaknesses in the SEPA project and highlights possible solutions that should be considered
in the future for the implementation of future directives.
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The Financial Crisis: How will it affect payment systems? This report was produced from the closing debate of the two day FINtel Business Summit relating to how the financial crisis will impact payment systems and SEPA in particular.
With panellists from ABN AMRO, NORDEA, DEXIA, and SIA-SSB.
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