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FinTech Global: The big regulatory developments to watch out for in H2

By August 30, 2022September 1st, 2022No Comments
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As 2022 continues to roll-on, there will be new challenges for companies to manage as they enter the second half of the year. What are some of the big regulatory developments to keep an eye on?

The first half of the year saw a strong focus on sanctions, as the war in Ukraine heated up. However, as the industry looks to the future, what could be areas that may have been overlooked regulatory-wise?

According to Theta Lake director of regulatory intelligence Stacey English, a key regulatory development to watch out for will be the escalating enforcement and guidance in the electronic communications space.

She said, “Given that the SEC, CFTC, NFA and others have collectively imposed fines expected to exceed $2bn for failures to capture, retain, and supervise e-comms this year, H2 will see continued enforcement activity and additional regulatory guidance on this issue. It’s clear that regulators have run out of patience with firms communicating on channels that became popular in hybrid work environments but remain unmonitored.”

English remarked that the rapid adoption of collaboration and dynamic chat tools like Zoom, Teams, Slack and RingCentral for hybrid work coupled with continued reliance on mobile messaging tools like WhatsApp, Zoom, SMS and WeChat has challenged legacy approaches to recordkeeping and supervision.

Read the full article here!
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