An insightful article in FinTech Global highlights several key regulatory developments to watch in the financial landscape during the first half of 2024. Key areas of focus include communication compliance, with continued scrutiny of recordkeeping accuracy and the monitoring of communication channels. Additionally, the rise of Generative AI (GenAI) brings both promise and regulatory attention, as authorities seek to address compliance implications associated with AI technologies. Further regulatory efforts are anticipated in areas such as cryptocurrency regulation, with a focus on stablecoins and cross-border compliance.
Additionally, as noted by Christodoulos Mouskos, Head of Operations at MAP FinTech, the changes under EMIR REFIT will introduce new derivatives reporting requirements, presenting initial challenges for reporting parties as they adapt to the new rules and collaborate with regulatory bodies to address inconsistencies.
Overall, the regulatory landscape is poised for continued evolution, with an emphasis on harmonisation across jurisdictions and alignment with emerging technologies. Firms are advised to stay proactive in implementing compliance measures to navigate these regulatory shifts effectively.
Read the full article here.
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