MyComplianceOffice Blog

On 11 January 2023, the Financial Conduct Authority (FCA) published a "Dear CEO" letter to wholesale broker firms, highlighting key risks and drivers along with their supervisory focus for the next two years. The letter places particular emphasis on the Senior Managers and Certification Regime (SMCR), market abuse, personal account dealing-and the need for firms to have robust systems and controls in place to effectively manage and evidence these risks. 

With the end-February 2023 deadline for next steps looming, time is of the essence for senior executives and board members to review the current state of compliance in these areas and develop an action plan to fill in the gaps. 

The 2023 Report on FINRA’s Examination and Risk Monitoring Program provides firms with insight into findings from recent oversight activities of FINRA’s Member Supervision, Market Regulation and Enforcement programs. The report outlines regulatory obligations, findings from recent oversight activities, effective practices and additional resources. 

The Thomson Reuters^® Regulatory Intelligence survey and report Fintech, RegTech, and the role of compliance in 2023  explores the way in which firms are addressing the deployment and management of technology solutions.

The report points out that digital transformation is a continuum, with many benefits but also some challenges along the way.

U.S. Securities and Exchange Commission Chair Gary Gensler said in a speech to the Practicing Law Institute that during the fiscal year that just ended on September 30, the agency filed over 700 actions and obtained judgments and orders totaling $6.4 billion, including $4 billion in civil penalties.

 The actions, outlined in a recent press release, covered a wide range of misconduct including charges around insider trading, disclosure failures and omissions, market manipulation and fraud, misleading investors, executive accountability, failure to maintain books and records, failure to register crypto as a security and insufficient policies and procedures. 

Global conduct risk and compliance technology provider MyComplianceOffice (MCO) has placed in the Deloitte Technology Fast 50 Ireland for the third consecutive year and won the Scale Up Award.