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Shield - Read the FCA’s Market Watch

Market Watch isnu2019t designed simply as a courtesy; the FCA also uses the publication to highlight enforcement outcomes u2013 which are not public u2013 as redacted case studies. Watch the infographic or visit us at https://bit.ly/32F2b6g

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Shield - Read the FCA’s Market Watch

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  1. Shield READ THE FCA’S MARKET WATCH CONOR DIGNAN The very idea of a publication or proposed set of guidelines issued by a regulatory authority induces a reflexive action that queues us up for a snooze fest. Reading them regularly – as they are published – as a standard best practice for your job sounds about as inviting as a long winter’s nap curled up beside a hibernating bear. No thank you! But that’s exactly what each of us in RegTech should be doing. The Financial Conduct Authority (FCA) issues Market Watch as a regular publication for good reason: there is always something changing. Over 51,000 financial institutions are governed by the acts of the FCA. With all those regulations in play, Market Watch notifications are the only way to efficiently broadcast changes. MARKET WATCH ISN’T DESIGNED SIMPLY AS A COURTESY; THE FCA ALSO USES THE PUBLICATION TO HIGHLIGHT ENFORCEMENT OUTCOMES – WHICH ARE NOT PUBLIC – AS REDACTED CASE STUDIES. THE FORMER MAKES IT SEEM LIKE THE NOTIFICATION IS OFFERING SOMETHING OF VALUE, BUT, AS YOU’RE LURED DEEPER IN, YOU REALISE THAT IT’S NOT A CARROT DANGLING IN FRONT OF YOU – IT’S A STICK. The FCA acknowledges that it’s a vehicle to help firms, “understand the full range of consequences of engaging in inappropriate conduct.” All the more reason why RegTech professionals need to keep up with the publications in order to see what’s actually ahead. Record keeping is an obvious aspect of compliance. However, if the task is not automated, and the broker is not upholding their responsibilities to enter all the communication associated with a trading event (or non-trading event), nefarious behavior may go undetected. The authors of Market Watch 68 rightfully lament the lack of action taken by firms even after such a gap in data management has been identified. However, it’s the disparity in compliance knowledge and gaps in training and understanding that seems to be most troubling to the FCA in their latest publication. So, it comes down to this: I personally read Market Watch and do so regularly! Do you? HTTPS://WWW.SHIELDFC.COM/

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