The CFTC has proposed a rule that would codify informal registration exemptions that commodity pool operators and commodity trading advisors have been enjoying by virtue of a no-action letter issued in December.
Regulatory Policy
Posted inArtificial Intelligence
Experts welcome U.K.’s approach to AI supervision in financial services—but with provisos
The U.K.’s approach to regulating AI in financial services by focusing on outcomes and consumer protection, rather than introducing new rules, has been largely welcomed by experts—so long as the current regulatory framework is regularly reviewed.
Posted inWhistleblowers
More whistleblowers to receive 30 percent awards, CFTC says of rule changes
The U.S. Commodity Futures Trading Commission (CFTC) approved updates to its whistleblower rules designed to encourage participation by making it easier for more whistleblowers to receive 30 percent awards.
Posted inArtificial Intelligence
FCA’s regulatory approach in the age of AI will work for now, but regular reviews are necessary, warn experts
The U.K.’s principles-based approach to financial services regulation should remain fit for purpose in an age of AI, say experts—so long as the regulatory framework is regularly reviewed. In July, the Financial Conduct Authority (FCA) published the “Mills Review” about how the regulator might need to adapt its approach as financial services firms adopt AI […]
Posted inData Privacy
New U.K. data law takes full effect: What compliance officers need to know
The U.K. has amended its data protection rules with a sweeping law that aims to simplify compliance with existing privacy legislation, including the GDPR. However, compliance officers should be aware that the need to protect personal data remains paramount.
Posted inFinancial Services
Gaps remain in firms’ KYC checks, says U.K. financial services regulator
U.K. financial services firms still have potentially serious gaps in their financial crime controls, despite their assurances that they have beefed up their checks.
Posted inRegulatory Policy
When personal liability becomes a compliance responsibility
At times, enforcement agencies will issue a press release that announces the resolution of a case, but that also elicits more questions than answers. Sometimes the most instructive lessons for compliance, accounting, and internal audit teams can be found in what is not stated publicly.
Posted inRegulatory Policy
Deloitte agrees to pay U.S. government $21.5 million to settle alleged DEI discrimination
Professional services firm Deloitte has agreed to pay the U.S. government $21.5 million to settle a case alleging that the firm’s employment practices were discriminatory.
Posted inRegulatory Policy
EU anti-corruption directive raises questions over compliance and enforcement
The EU is clamping down on corruption. Its anti-corruption directive came into force and significantly raises the bar, with measures to close enforcement gaps and improve cross-border cooperation.
Posted inArtificial Intelligence
California’s AI labeling law takes effect, testing compliance with missing detection tools
California’s AI Transparency Act took effect Aug. 2, requiring generative AI developers to disclose AI-generated content. But a new investigation found several tech companies aren’t following the requirements yet.