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Despite the many discussions happening around what firms need to do to comply with these regulations, especially over the last year, many still face major obstacles in meeting their requirements.
With the explosion of electronic data, trade reconstruction has now become a potentially massive endeavor for financial firms, requiring participation from numerous parts of the organization including compliance, operations, trading, technology, and even the executive suite.
Yahoo’s recent announcement that it is shutting down its legacy Messenger client and moving to a browser-based application has thrown a wrench into the increasingly complex world of social media compliance.
Trade archiving requirements dictate the need for effective record-keeping across all your trading platforms. But what you are able to get out of your compliance system doesn’t have to be limited to data for your compliance function.
A significant piece of regulation looms on the horizon. Unlike MiFID II, MAR will come into effect very soon and firms need to be prepared to meet its requirements.
There is an increased need for chief compliance officers to take on the role of ‘compliance technologists,’ interpreting regulations in real time to ensure the effectiveness of technology systems and processes.