Matthew Levine’s Post

The American Bankers Association (ABA) has voiced strong opposition to a proposal by nine federal agencies to replace the widely-used CUSIP system with Bloomberg's Financial Instrument Global Identifier (FIGI) for financial reporting purposes. The ABA argues that this proposal exceeds the statutory authority granted by the Financial Data Transparency Act (FDTA) and lacks proper cost-benefit analysis.The ABA contends that the FDTA only requires a common nonproprietary legal entity identifier to be available under an open license, not all financial instrument identifiers. They warn that replacing CUSIP with FIGI could cause significant market disruption due to FIGI's non-fungibility and limited data accessibility compared to the long-established CUSIP system. #banking #bankingindustry #securities https://lnkd.in/da75XptD

Delighted to learn and share that Jersey’s MoneyVal assessment has been reported this morning as a success, with the highest rating of an International Financial Centre and confirmation that Jersey is in the top 10% of countries assessed from a technical compliance and effectiveness perspective.   Relevant excerpts of the JFSC’s press include the following:   - The publication today of Jersey’s Mutual Evaluation Report by MONEYVAL, the Council of Europe’s permanent monitoring body, confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world. The report also confirms that the JFSC has all the key structures, powers and activities in place. Assessors recognised the strengths of the beneficial ownership regime, and JFSC colleagues’ knowledge, skills and expertise. - In line with the report’s recommended actions, we must now continue to enhance our approach. We have put in place a high-level action plan to address the key recommended actions and will expand further on this in the autumn, along with a programme of industry engagement. - Alongside announcing the outcome of Jersey’s MONEYVAL report, the Government of Jersey has today announced that they will lead a strategic review of the approach to regulation of financial and professional services.” This further reinforces the calibre of what Jersey does day in and day out. We should be proud.   Below is a link to the JFSC press release and full MoneyVal report.  

As ever, it's foolish to rely on "what other firms do" as a benchmark for your own regulated activity - always work on the basis of the rules and regulatory guidance to decide 'best practice':  https://lnkd.in/eAjkr-u4

The consultation invites views from interested participants on how the DSS will operate in practice, in order to maximise the potential benefits from the technology while protecting financial stability and market integrity. #finance #FCA

The consultation invites views from interested participants on how the DSS will operate in practice, in order to maximise the potential benefits from the technology while protecting financial stability and market integrity. #finance #FCA

A follow up to my previous questions Are the four Congressional Committee Chairs looking into the alleged illegal naked shorting of $DJT as Truth Social CEO Devin Nunes requested? (link below) Nunes says FTD's in $DJT exceeded 1 milllion consistently and more than 2 million shares on the specific dates he wants the blue sheet data, Consolidated Audit Trail data and broker data for. He also requested specific short data and broker data on the former ticker DWAC. Did FINRA release the electronic blue sheets on $DJT for the specific dates Nunes requested? Did FINRA and/or the DTCC release the additional requested information on $DJT and/or DWAC? Do the blue sheets, or other data, raise additional questions about how an embattled well known toxic lender conducts business? Is one of the 13 financial firms Nunes lists in that letter under scrutiny for its ties to a well known toxic lender? Why was there a recently announced leadership change at that firm? Is there a personal relationship between that firm and the well known toxic lender that may have caught the eye of investigators? Will/has that well known toxic lender be/been issued a cease and desist order for one or more of its funds? https://lnkd.in/euUUBpsP

🔷 Financial Regulation Weekly Update (UK, EU & US) ✳ UNITED KINGDOM FCA: Portfolio letters – 2025 strategy FCA: Financial promotions data Q3 2024 FCA: Culture and non-financial misconduct survey findings Court of Appeal rules in motor finance test case, FCA issues statement PSR MD discusses innovation in payments FCA speech: Understanding and identifying vulnerability FCA: Aggregate complaints data H1 2024 FOS: Complaints data H1 2024 Draft SI: The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024 Lords: Data (Use and Access) Bill FCA: Multi-firm review of consumer credit firms and non-bank mortgage lenders FCA & Practitioner Panel Survey 2023-24 PRA: Statement – Review of Solvency II FCA cracks down on illegal finfluencers FCA imposes restrictions on firm for regulatory failings in relation to firm-hosted platform BoE Governor discusses global financial stability SI: The Critical Benchmarks Regulations 2024 FCA fines firm over treatment of customers in financial difficulty FCA blog – cryptoasset registrations PSR announces plans to engage with industry on impacts of card-acquiring remedies EUROPE ESMA: European common enforcement priorities for 2024 corporate reporting EBA consults on draft RTS on the treatment of structural FX positions under the CRR EIOPA consults on standard formula capital requirements for investments in cryptoassets EBA: ARTs and EMTs classification under MiCAR ECB: Eurosystem launches initiatives to improve cross-border payments UNITED STATES SEC announces settled charges with four companies in relation to misleading cyber disclosures SEC Chair on US capital markets CFPB finalizes Personal Financial Data Rights rule to advance open banking SEC announces settled charged with investment adviser over ESG misstatements SEC announces 2025 examination priorities OCC finalizes revised recovery planning guidelines Fed: Governor Waller considers the role DeFi could have FSOC meeting – October 18

The consultation invites views from interested participants on how the DSS will operate in practice, in order to maximise the potential benefits from the technology while protecting financial stability and market integrity. #finance #FCA

The FCA published the findings from its review of firms’ compliance with ‘back end’ cryptoasset financial promotions rules which includes: - personalised risk warnings; - the 24-hour cooling off period; - client categorisation; and - appropriateness assessments The FCA found some examples of firms demonstrating good practice which it has shared in its good and poor practice to help firms get their compliance with the rules right. However, it also found multiple instances where firms did not meet the required standards. The FCA urges all firms to read its good and poor practice, as well as its previously published guidance. There is also a reminder that all firms communicating or approving financial promotions must make sure they have strong systems and controls for compliance in place. The FCA warns that if firms do not improve, it will act. It will also consider firms’ compliance with regulatory requirements, including the financial promotions regime, as part of any application to be authorised under the future financial services regulatory regime for cryptoassets. Find the link to the reports in the comments below

The consultation invites views from interested participants on how the DSS will operate in practice, in order to maximise the potential benefits from the technology while protecting financial stability and market integrity. #finance #FCA