Time for a global regulator

Chris Skinner

I was in conversation with a banker the other day and we got around to regulations and regulators, as many conversations with banks tend to do. Digital Bank Future Grid Opinion Regulation

Regulating the unregulated

Chris Skinner

I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies. How can you regulate a global currency that has no view of state or national laws?

Slow regulations versus fast tech

Chris Skinner

Before 2010, I was writing a lot about technology but it was all heavily geared towards regulations. MiFID and PSD were top of mind, along with Basel III and other global, European and domestic regulations. I wrote a lot about regulations.

State Regulators Investigate Payday Advances

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The New York State Department of Financial Services (NYDFS) has announced it will lead a multi-state investigation into alleged violations of state regulations of the short term lending industry, specifically in the area of payroll advances.

Regulating the cryptocurrency markets

Chris Skinner

I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Innovation Opinion Payments RegulationSomeone made the comment on my platform piece about what happens when there are no Jack Ma’s or Mark Zuckerberg’s, as the whole thing is decentralised?

Lawmakers Push To Fast-Track Crypto Regulation

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regulators and politicians increase their focus on big tech and associated areas, with recent hearings targeting Facebook and Google. Even so, “regulation remains a stumbling block to cryptocurrency’s wider adoption,” the report continued. Are new bitcoin rules coming?

The regulator’s view of Facebook’s Libra currency

Chris Skinner

I’m avoiding calling it a cryptocurrency, as it’s more a stablecoin that is focused upon transactions, which is why it has Visa, … The post The regulator’s view of Facebook’s Libra currency appeared first on Chris Skinner's blog.

Regulators Investigate China’s Ex-Securities Regulator

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Liu Shiyu, the former head of China’s securities regulator, is being investigated for violating anti-corruption laws. Security & Fraud china Corruption imports investigation Liu Shiyu News P2P Regulator securities Securities Regulator security & fraud trade tariffs What's Hot

UK Regulator Says Stablecoins Are EMoney

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Regulation B2B banking bitcoin cryptocurrency ether FCA News regulation Security stablecoins What's HotThe Financial Conduct Authority (FCA) has issued updated guidance on the U.K.’s s cryptocurrency market.

Ireland Crypto Regulation Looms

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In Ireland, reported CryptoGlobe , the Irish cabinet has approved legislation that will bring more regulation to the sector. Separately, in India, the action toward crypto regulation seems to be … inaction.

Bank Regulators Probe Amazon Cloud

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Regulators’ influence over non-banks is limited, and banks are left to vet their own vendors. Bank regulations hadn’t “sufficiently modernized to accommodate cloud and other innovative technologies,” according to a U.S.

The Move To Regulate IoT

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With increased adoption, though, comes a need for improved regulations, and both the European Telecommunications Standards Institute (ETSI) and U.S. Congress have released rules to help regulate IoT data security.

Can Regulating Wearables Protect Data Privacy?

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Another recently introduced piece of legislation aims to protect individuals by regulating facial-recognition cameras. In the feature story, Le discussed how device manufacturers can help foster that trust, and the need for regulation to secure healthcare data and connected devices.

5 Startups Rebooting Regulation

Bank Innovation

The rise of insurtech is running parallel to the rise of regtech, as financial firms and startups apply artificial intelligence, blockchain, and other technologies to the dizzying world of financial regulation. Fintech has another cousin.

Zuckerberg Advocates Internet Regulation

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Facebook CEO Mark Zuckerberg wrote an opinion piece in The Washington Post calling on regulators to take a “more active role” in making rules for how to police the internet, according to reports. “By Facebook content internet Legislation News Opinion Piece Policing Regulators rules Washington Post What's Hot zuckerberg

The regulator’s view of bitcoin, 2017

Chris Skinner

As mentioned on Friday, they see … The post The regulator’s view of bitcoin, 2017 appeared first on Chris Skinner's blog. Blockchain Digital Bank Fintech Grid Innovation Opinion Regulation

White House Calls For FCC To Regulate Social Media Content

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The order would call for the FCC to make new regulations that would clarify how social media platforms are legally protected when they move to either remove or suppress content. Regulation censorship FCC FTC News regulation social media trump administration What's Hot white house

UK Watchdog Joins Regulators Asking For Libra Info

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That news has brought out a multitude of regulators, lawmakers and leaders around the globe who are concerned that the currency won’t be regulated closely enough and could potentially upend the global financial market. The Information Commissioner’s Office (ICO) in the U.K.

The Semantic Regulator (#RegTech Rules)

Chris Skinner

A bigger question must also be: how can a regulatory check that a bank is compliant with their regulatory changes, if their regulations change every 12 minutes are run to 1,000’s of pages? The answer is they can’t, but they don’t … The post The Semantic Regulator (#RegTech Rules) appeared first on Chris Skinner's blog. Blockchain Fintech Grid Regulation Technology UncategorizedA bank has to make a regulatory change every 12 minutes. That’s some task.

Regulators Say US Bank Cybersecurity Oversight Needs Streamlining

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regulators are saying cyberattacks pose the greatest risk to U.S. banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times.

Global Regulators Circle Libra’s Crypto Wagon

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Two more financial regulators have warned that they won’t allow Facebook ’s planned cryptocurrency, Libra , to launch without looking at it closely. the Federal Reserve stated that it will also be holding Libra to high standards when it comes to consumer protection and regulation.

BIS Calls On Politicians To Coordinate Tech Regulation

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BIS said that the social media firm’s recent announcement that it aims to roll out its Libra digital currency and grow into payments has focused the minds of central bankers as well as regulators, Reuters reported.

Lawmakers Push To Fast-Track Crypto Regulation

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regulators and politicians increase their focus on Big Tech and associated areas, with recent hearings targeting Facebook and Google. Even so, “regulation remains a stumbling block to cryptocurrency’s wider adoption. Are new bitcoin rules coming?

Growing Ratings Data Overwhelms Regulators

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securities regulator is having trouble with rating agencies because it doesn’t have the tools or specific knowledge it needs to analyze huge amounts of rating data, according to a report from Reuters. Regulation compliance data News regulation Regulators SEC What's Hot

Bank regulations change every 12 minutes

Chris Skinner

In fact, what gets me is that regulations are the big ticket barrier to change in banking. It’s what protects the banks from disruption and change, as … The post Bank regulations change every 12 minutes appeared first on Chris Skinner's blog. Grid Regulation UncategorizedI recently spent a day in a meeting discussing Governance, Risk and Compliance (GRC) … yawn. Well, it is a bit of a dull area, but highly important.

France To Allow And Regulate Crypto-Related Companies

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France’s financial regulator is set to approve a wave of cryptocurrency-related firms in the country, subjecting them to new rules that include paying taxes and complying with capital requirements and consumer protections, according to a report by Reuters.

US Considers AI Regulation For Foreign Countries

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government is looking to find a way to regulate artificial intelligence (AI) so other countries can’t use the technology against it. Regulation AI artificial intelligence china News regulations trump administration What's HotA new proposal shows that the U.S.

UK Regulator Readies $123M Fine For Marriott Over GDPR Violations

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” Under the general data protection regulation (GDPR), the ICO can fine up to 4 percent of a company’s annual revenue. Regulation B2B B2B Payments data breach Marriott News Security uk What's HotThe U.K.

Regulations, Innovations, Sandboxes and #RegTech

Chris Skinner

So I just attended a really interesting two day meeting that covered all things blockchain, regulations, innovation and more. The Regulatory Sandbox was announced at … The post Regulations, Innovations, Sandboxes and #RegTech appeared first on Chris Skinner's blog.

Google CEO Pushes Back Against Regulation Talk

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Google CEO Sundar Pichai pushed back against talk of regulating tech companies, saying that the move could have unintended consequences, according to a report by CNBC. “I I worry that if you regulate for the sake of regulating it, it has a lot of unintended consequences,” Pichai said.

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The Case For Federal IoT Regulations

PYMNTS

Smart technology is unlocking supply chain efficiencies, providing emergency alerts and much more. But despite intelligence of things (IoT) solutions being put to use in many cases, the field continues to be hampered by security issues.

Google Fined $57M By French Regulator In Largest GDPR Action

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21) by a French regulator, in what the Wall Street Journal reported is the largest penalty under the new European General Data Protection Regulation (GDPR) privacy law. It’s also one of the highest-profile regulator actions coming from GDPR which went into effect last year.

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People’s Bank Of China To Regulate FinTech

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The People’s Bank of China (PBOC) announced that it is planning to steadily develop a system of rules to regulate financial technology (FinTech) in the country. I would predict in 2019, the government will regulate more.

Crypto Regulation To Tighten Scrutiny On Money Laundering

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This means Libra is likely to see more scrutiny from regulators as the project takes shape and eventually launches. As the Financial Times reported, some regulators are pointed toward a multi-agency approach to cybersecurity that would test banks through a coordinated effort.

New Wells Office To Focus On Regulation

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Banking banking Derek Flowers Jeremy Smith Mandy Norton Mary Katherine DuBose News regulation wells fargo What's HotTo continue fueling its transformation and focus on priorities of a regulatory nature, Wells Fargo has reportedly formed a new office.

Facebook’s Digital Token Being Discussed With Regulator

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derivatives regulator. The commission is trying to understand if Facebook’s potential cryptocurrency would be under the oversight of the regulator. Facebook has been reaching out to regulators and central banks to get guidance on a digital token. “We’re

How do governments regulate a networked world?

Chris Skinner

Seven billion people have access … The post How do governments regulate a networked world? Opinion Regulation Technology UncategorizedFollowing on from yesterday’s blog about Little Britain and a hard Brexit, we all know the world has been globalising and, even though there is currently a backlash against globalisation per se, it is unstoppable. It is unstoppable primarily because of technology. The whole planet is now on the network.

UK Regulator Tackles Authorized Push Payment Fraud

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s Payment Systems Regulator (PSR) found that 100 scams hit businesses or consumers every day. Regulation consumer protection fraud News Push Payments regulation Regulator scams What's HotIn an effort to help authorized push payment (APP) fraud victims, The U.K.’s

Regulators Close To Approving Long-Debated T-Mobile-Sprint Merger

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The long-running proposed $26 billion T-Mobile-Sprint merger is close to getting a go-ahead from federal regulators. . Partnerships / Acquisitions Antitrust Dish DoJ Lawsuit merger mobile News Regulators Sprint t-mobile What's Hot wireless

With New AML Laws, Latvia Looks To Remove Main Regulator

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Latvia’s parliament has passed new regulation to bolster the fight against money laundering and terrorism financing. Regulation AML Latvia money laundering News regulation What's Hot

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FinTechs Press States To Streamline Regulations

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As regulators overseeing non-banks, our goals are clear: Ensure the safety and soundness of the financial system, protect consumers and streamline the multistate experience,” said Mark Quandahl, chairman of the CSBS Emerging Payments & Innovation Task Force, in a statement.

EU Antitrust Regulators Fine Banks For Manipulating FX Market

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European Union antitrust regulators are going to fine seven banks for manipulating the foreign exchange market, according to reports. regulators. Credit Suisse was charged by EU regulators last year with the same charge, Reuters reported.

Congress Supports Facial Recognition Regulation

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Members of Congress supported a plan to draft legislation aimed at the use of facial recognition software by law enforcement on Wednesday (May 22), according to reports. The House Committee on Oversight and Reform called for action on the plan, which gathered support from both sides of the aisle.