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PIMFA Announces Shortlist For 2024 Diversity & Inclusion Awards
Date 17/07/2024
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is delighted to announce the shortlist for this year’s Diversity & Inclusion Awards (see below).
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US Federal Agencies Issue Final Rule To Help Ensure Credibility And Integrity Of Automated Valuation Models
Date 17/07/2024
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer's principal dwelling. In particular, the rule will implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing those homes. The final rule is substantially similar to the proposal issued in June 2023.
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ISDA derivatiViews: Seeking Future Leaders To Explore Collateral And Liquidity
Date 17/07/2024
The transition to central clearing and margining for non-cleared derivatives has gone a long way to mitigating counterparty credit risk, by requiring a huge volume of collateral to be exchanged between parties. But managing the timely and efficient flow of this collateral through the system on a daily basis is an ongoing challenge. As recent stress events have shown, delays and inefficiencies in sourcing and posting collateral can quickly lead to an escalation of liquidity risk. ISDA has been working hard to standardize data and bring greater automation to collateral management, and we’re now looking to the industry’s rising stars to contribute fresh ideas to address this challenge.
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FINRA Appoints Julie Glynn And Tina Gubb As SVPs Of Enforcement
Date 17/07/2024
FINRA announced today that it has appointed Julie Glynn and Tina Gubb as Senior Vice Presidents of Enforcement. Gubb’s appointment is effective July 22, while Glynn’s appointment is effective in September. Both will report to Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA.
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BIS: Basel Committee Publishes Final Disclosure Framework For Banks' Cryptoasset Exposures And Targeted Amendments To Its Cryptoasset Standard
Date 17/07/2024
- Basel Committee has published its final disclosure framework for banks' cryptoasset exposures.
- The Committee has also published targeted amendments to its cryptoasset standard to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment.
- Both standards are to be implemented by 1 January 2026.
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US Treasury And The Financial Services Sector Coordinating Council Publish New Resources On Effective Practices For Secure Cloud Adoption
Date 17/07/2024
Today, the U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) published a suite of resources to share with financial services institutions on effective practices for their secure cloud adoption journey. These deliverables are the result of a year-long public-private partnership of the Financial and Banking Information Infrastructure Committee (FBIIC) and the FSSCC.
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IMF Deputy Managing Director Antoinette Sayeh To Retire From The Fund
Date 17/07/2024
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), announced today that Deputy Managing Director Antoinette Sayeh intends to conclude her service on September 12, 2024.
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NYSE Member Firms Report First Quarter Results
Date 17/07/2024
New York Stock Exchange member firms that conduct business with the public reported a first-quarter 2024 after-tax profit of approximately $11 billion and revenues of approximately $117.5 billion, compared with approximately $7 billion after-tax profit on revenues of about $97 billion in the first-quarter of 2023.
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EBA Clarifies The Operational Application Of CRR 3 In The Area Of Credit Risk Modelling
Date 17/07/2024
The European Banking Authority (EBA) welcomes the entry into force of the new European Banking Package, which implements the final Basel III framework into EU regulation. To ensure a smooth operational implementation of the Banking Package, the EBA encourages institutions and competent authorities to engage in an active dialogue.
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ESAs Published Second Batch Of Policy Products Under DORA
Date 17/07/2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the second batch of policy products under the Digital Operational Resilience Act (DORA). This batch consists of four final draft regulatory technical standards (RTS), one set of Implementing Technical Standards (ITS) and 2 guidelines, all of which aim at enhancing the digital operational resilience of the EU’s financial sector.
