Chief compliance officers gain prominence in risk function | Report: Cyberattacks on financial firms up 160% | Report: UK fintech sector faces Brexit talent crunch
March 21, 2019
SIFMA SmartBrief Operations & Technology
News on the capital markets for operations and technology professionals
Top Story
Chief compliance officers gain prominence in risk function
The pace of regulatory change and recent actions against banks have emphasized the role of chief compliance officer for many organizations. "CCOs must grapple with the legal challenges of securing company information on employees' personal devices or viewing information on employees' personal accounts," says Wilmer Hale partner Ronald Machen.
Financier Worldwide magazine (4/2019) 
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Mobile Device Usage is a Threat to Data Security
74% of global IT leaders reported a data breach due to a mobile security issue. Discover how cybersecurity is shifting to meet the needs of a mobile world, and why it's critical to not fall behind. Learn how to protect your organization from mobile threats in The Convergence of InfoSec & Mobile.
Operations Update
Report: Cyberattacks on financial firms up 160%
Hackers have become more aggressive and more sophisticated when attacking financial institutions, which have seen destructive cyberattacks rise 160% in the past year, according to a report. Many hackers do not seek financial gain but instead scrub data, which can be more harmful overall, says Tom Kellermann, chief cybersecurity officer at Carbon Black and author of the report.
International Investment (UK) (3/13) 
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Report: UK fintech sector faces Brexit talent crunch
A report by TheCityUK and Odgers Berndtson warns that the UK will struggle to attract talent to a £7 billion financial-technology sector after Brexit. The report urges the government to work with academia to train workers in skills in fields such as artificial intelligence and cryptocurrencies to head off increasing competition from EU fintech hubs.
Reuters (3/18) 
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Technology Update
Tech, competition drive changes in payment business
Changes in how money is saved, stored and moved have led to mergers in the payment industry, with businesses seeking to compete and update technology. Fidelity National Information Services has announced a $35 billion purchase of Worldpay, and Fiserv purchased First Data a few months ago.
The Wall Street Journal (tiered subscription model) (3/18) 
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IBM: More US banks might issue digital currency
At least two large US banks are considering following JPMorgan Chase's example and issuing a cryptocurrency token, IBM says. Two banks have expressed interest to IBM in issuing a stablecoin, which is pegged to traditional currency, says Jesse Lund, vice president of blockchain.
Bloomberg (tiered subscription model) (3/18) 
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Regulatory and Legislative Update
Regulators: Uniform global approach to tech not feasible
A uniform approach to technology among regulators worldwide isn't something that should be pursued, say Paul Andrews, secretary-general of the International Organization of Securities Commissions, and Eric Pan of the Commodity Futures Trading Commission. Self-regulatory organizations are closer to the market and therefore might have the advantage of reacting faster to emerging technology, Pan says.
SmartBrief/Finance (3/14) 
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SEC works on update for advertising rule
The Securities and Exchange Commission's advertising rule is out of touch with the way the world works, so the SEC will soon issue amendments, says Dalia Blass, director of the Division of Investment Management. The rule hasn't been rewritten since the 1960s, although the SEC has published guidance since.
InvestmentNews (tiered subscription model) (3/15) 
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Giancarlo says LabCFTC has become a model program
Commodity Futures Trading Commission Chairman J. Christopher Giancarlo says the two key challenges to regulatory models are blockchain and cryptocurrencies, noting the establishment of LabCFTC was meant to provide an "internal and external technological focus." Giancarlo said other US financial regulators have "either created or [are] creating a program similar to LabCFTC."
Cointelegraph (3/14),  Finance Magnates (3/14) 
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New Speakers Added! SIFMA's Operations Conference & Exhibition, May 6-9
SIFMA's 46th annual Operations Conference & Exhibition will delve into the dynamic and complex environment that is reshaping operations, the customer experience and market requirements. Join us in Florida on May 6-9 to gain insight into the developments of key industry priorities. Speakers just added to the program include: Steven J. Randich, Executive Vice President and Chief Information Officer of FINRA; Bridget van Kralingen, Senior Vice President of Global Industries, Platforms and Blockchain at IBM; Jeffrey S. Wecker, Chief Data Officer at Goldman Sachs; and more.
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Reg BI: Raising the Bar on Investor Protection While Preserving Choice
Ensuring investors are protected in their dealings with financial professionals is a universal goal. Regulation Best Interest, the Securities and Exchange Commission's (SEC) proposed best-interest standard and the subject of a recent House Financial Services Subcommittee hearing, goes a long way to accomplishing that goal by clearly raising the bar on investor protection, while preserving choice. Find out how.
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