As the European Commission prepares new rules that will reform Europe’s capital markets, buy-side market participants must be careful to ensure that they are not misunderstood and even side-lined by politicians in Brussels, warns David Morgan, director for trading and client connectivity, capital markets at financial technology provider SunGard.
Ernst & Young has developed new software designed to catch employees engaged in corporate wrongdoing, as Swiss bank Wegelin and Co prepares to cease operations following the firm’s prosecution for helping US citizens evade taxes.
Further clarification on the European Union’s Alternative Investment Fund Managers’ Directive, due to come into force in July next year, has been welcomed by the Alternative Investment Management Association, the global hedge fund association.
Since the 2007 global financial crisis there has been a lot of debate on potential changes across the banking services industry and the potential consequences. Recent market surveys suggest that surprisingly little progress has been made in risk and compliance management and some lack of clarity as to what to do next. Reacting to regulatory change is one thing, but the real goal is to build clarity and confidence that banks are doing the right thing in the right way at the right time
The European Parliament has voted to approve the introduction of a financial transaction tax across 11 EU member states including France, Germany and Italy – but market participants warn that it may have unintended consequences.
The Financial Services Authority has instructed HSBC to set-up a board-level committee with a mandate to oversee matters relating to anti-money laundering, sanctions, terrorist financing and proliferation financing.
