Top of This Week’s Agenda
Are you reading this? There’s a lot going on in the US with a lack of compliance. This week’s financial news covers what happens if you fail to comply with the FATCA or make false claims about your cryptocurrency hedge fund. Then there’s Brexit – will a hard deal be softened by help from the EU? If that has made you shudder – don’t worry, it’s not all bad news this week! FinTech is advancing and we share tips on how asset managers can concoct simpler strategies.
FATCA’s First Compliance Failure Results in Conviction
Thinking about defrauding the United States by not complying with the Foreign Account Tax Compliance Act (FATCA)? This is what could happen! The US Department of Justice announced that former Chief Business and Executive Officer of Loyal Bank Ltd, Adrian Baron, pleaded guilty to defrauding the US and could face up to five years in prison.
Cease and Desist! The SEC Fines Crypto Hedge Fund CAM
Timothy Enneking, the founder of Crypto Asset Management (CAM), has been issued with a $200,000 fine on top of a cease and desist order from the US Securities and Exchange Commission (SEC). According to Coin Telegraph and CNBC, CAM has been penalised due to its misrepresentation, claiming to be the “first regulated crypto asset fund in the United States”. (It can’t be. It has never been registered.)
Ireland Gets a Boost to Become Europe’s FinTech Capital
A £4.4 million investment programme has enhanced Ireland’s status to fast become the top tech capital of Europe. The investment will focus on transforming businesses based on FinTech solutions, with Ireland sitting at the centre of the hub. The “FinTech Fusion Project”, as reported by ITV, will be led by the ADAPT Centre for Digital Content Technology, which aims to innovate the future of Blockchain and technology platforms for financial institutions.
New Sandbox and Science Labs in India to Regulate FinTech
The digital revolution keeps moving forward and the level of competition is on the rise too. With so many new regulations to keep up with, the Reserve Bank of India (RBI) is establishing a sandbox for FinTech and brand-new data science labs for essential research. The Economic Times in India has revealed that a dedicated regulatory group will analyse issues relating to FinTech and digital banking as part of their remit.
Tips for a Smart Strategy Asset Management Strategy
It can be tricky to ensure that a client’s assets perform and meet their expectations. Throw in the complex methods of asset management and it can get overwhelmingly complex. So, what can asset managers do to make their jobs clearer and simpler? GCN ponders the ideal 3-step strategy, which is all about discipline, technology, and coaching.
Will the EU Help Us Cope with a Hard Brexit?
Britain’s Chancellor of the Exchequer, Philip Hammond, has requested help from the European Commission to brainstorm a strategy for financial institutions in preparation for a no-deal Brexit. In an exclusive from Reuters, Hammond’s plea is to reduce the level of risk and disruption, based on the concerns that financial contracts will be considered invalid post-Brexit.
Learn more about the financial news that affects you by attending our November conferences, including The Summit for Performance, Risk & Attribution (SUPRA) and Client Reporting & Communications Forum (CRC) in London, plus TSAM Boston in the US.