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May 15, 2019

Clarifying GMP equalization and conversion to scheme members

The UK Department of Work and Pensions (DWP) released the long-awaited “Guidance on the use of the Guaranteed Minimum Pensions (GMP) conversion legislation” on April 18, 2019. Historically, GMPs could create an inequality in the total benefits a man or a woman received under similar circumstances. Over the past few decades, the UK government has determined that pension schemes must equalize pensions to resolve those inequalities, though there is not a specific method that is required to reach that equalization.

Apr 3, 2019

Being proactive and self-disclosing about 529 share class suitability

FINRA is asking its member firms to quickly identify any suitability issues in 529 accounts where the recommendations made were inconsistent with the investor’s investment objectives.

Dec 21, 2018

RegTech: Changing the Landscape of Financial Regulation

According to Deloitte, RegTech, or regulatory technology, is the “new Fintech” --- an industry undergoing transformation by innovative software.

Dec 17, 2018

Proposed harmonization of SEC and CFTC regulatory requirements: How alignment could alter regulatory reporting

Within the past month, both the Futures Industry Association (FIA) and the Managed Funds Association (MFA) have written to address both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CTFC) regarding regulation subject to dual registrants. These letters both urge the SEC and CFTC to work together to reduce the burden of regulatory requirements in different ways.

Dec 12, 2018

Jurisdictional variances for AIFMD Annex IV reporting

There is a variety of different reporting jurisdictions based on AIFM domiciles, which can create confusion and difficulty when submitting reports due to the different formats accepted and variation in submission portals. On top of that, some jurisdictions have different deadlines – meaning, if you are a manager that files to more than one jurisdiction, you may have two slightly different deadline dates and are therefore at risk of missing one.

Nov 19, 2018

Do virtual economists get virtual model validators?

In the novel on which the classic film Bladerunner is based, the prolific science fiction author Philip K. Dick asks whether androids dream of electric sheep. Perhaps in a science fiction universe, virtual economists could have their work validated by virtual model validators, have model risk managed by virtual CROs and have governance managed by a virtual board.  But here in this universe, under the current regulatory and legal framework, real live model validators must be used to validate models, real live CROs must be used to manage model risk, and real live boards must be used to provide governance.

Nov 9, 2018

Business continuity and you

The SEC has taken various steps to address business continuity practices in the financial services industry and the ability of market participants to continue operations during times of crisis. In a recent webinar, SS&C DST Chief Risk Officer Blair Williams explores these regulatory requirements, as well as challenging questions about your level of preparedness and how to prepare for future crisis events.

Oct 26, 2018

Currency crisis in emerging markets

It wasn’t long ago that dynamic emerging markets were considered engines of growth spurring the world economy and had investors lining up for their share of pie. But this has changed, at least for now, since these once booming countries are now facing mounting currency pressures.