FSOC

SEC Adopts Amendments to Enhance Private Fund Reporting

Retrieved on: 
Thursday, February 8, 2024
FSOC, Register, Contract management, Form, Security (finance), Finance, Federal Register, CFTC

The amendments, which the CFTC concurrently adopted, are designed to enhance the ability of the Financial Stability Oversight Council (FSOC) to monitor and assess systemic risk and to bolster the SEC’s oversight of private fund advisers and the agency’s investor protection efforts.

Key Points: 
  • The amendments, which the CFTC concurrently adopted, are designed to enhance the ability of the Financial Stability Oversight Council (FSOC) to monitor and assess systemic risk and to bolster the SEC’s oversight of private fund advisers and the agency’s investor protection efforts.
  • The SEC and CFTC also agreed to a memorandum of understanding related to the sharing of Form PF data.
  • “Since Form PF first was adopted, the SEC, CFTC, and FSOC have identified gaps in the information we receive from private fund advisers,” said SEC Chair Gary Gensler.
  • “These amendments to Form PF will enhance the Commissions’ and FSOC’s understanding of the private fund industry as well the potential systemic risk posed by the industry and its individual participants.

Will Regulators and AI Lock Horns? Contentworks, an agency specialising in financial services marketing, has rounded up opinions from top regulators.

Retrieved on: 
Tuesday, January 16, 2024
Risk management, Artificial Intelligence Act, Privacy Act, Principle, Artificial intelligence, City, Safety, Government, Algorithm, Risk, Union, Information, PDPC, GDPR, ESMA, Human, Financial Stability Oversight Council, FEAT, Marketing, European Parliament, OECD, ASIC, FSOC, Investment, G20, European, European Commission, NIST, Conduct, Intelligence officer, FCA, Fintech, Risk assessment, Attention, Bias, Interview, Federation, Privacy, Accountability, Medical device

LIMASSOL, Cyprus, Jan. 16, 2024 /PRNewswire-PRWeb/ -- Artificial Intelligence (AI) is already widely utilised by the finance sector and the market size of AI in fintech is projected to grow from $44.08 billion in 2024 to $50.87 billion by 2029. But, and it's a big but, AI has also garnered the attention and scrutiny of regulators. Many are concerned about how the technology will be used within a compliant framework. Here's a deep dive into what regulators have said so far and what we can expect going forward.

Key Points: 
  • Contentworks, an agency specialising in financial services marketing, has rounded up opinions from top regulators.
  • This can result in unpredictable outcomes, many of which could be detrimental to the stability of the financial markets.
  • While establishing standards is the responsibility of regulators, maintaining ethical and clear communications with customers is the duty of financial services providers.
  • 45% of financial services providers across Europe lack an AI ethics framework and 38% have no clear demarcations for accountability.

Already in Orbit: COTS Beam Stabilization Systems from PI to Enable Highly Reliable Data Transmission for LEO Satellites

Retrieved on: 
Wednesday, January 10, 2024
Silicon, Internet access, FSM, FSOC, Radiation, Temperature, Food, History, Communication, Investment, PI, International Telecommunication Union, NASA, ITU, Orbit, LEO, Solar Orbiter, Automation, COTS, Communications satellite

AUBURN, Mass., Jan. 10, 2024 /PRNewswire-PRWeb/ -- Tip/tilt mirrors for beam stabilization are essential subsystems for free-space optical communication networks. With the rapid development of LEO (Low Earth Orbit) satellite networks, the need for such subsystems is growing rapidly. Tip/tilt mirrors from Physik Instrumente (PI) have already proven their space qualification on several occasions. Now, they are proving their value in various satellite networks. Both piezo-based and electromagnetic series systems and operator-specific system solutions from PI meet the necessary technical and economic specifications.

Key Points: 
  • Both piezo-based and electromagnetic series systems and operator-specific system solutions from PI meet the necessary technical and economic specifications.
  • LEO networks offer a solution to this: Several operators are currently building such communication networks, each with many thousands of satellites.
  • Beam stabilization systems are one of the prerequisites for error-free data transfer via FSOC networks.
  • Pioneering LEO network operators have successfully deployed PI FSMs in their communication satellites and have confirmed their unrestricted suitability for use in space.

BridgeComm and Taj Quantum Demonstrate Next Evolution of Connectivity

Retrieved on: 
Tuesday, May 16, 2023
Blockchain, DID, Communication, Partnership, FSOC, Telecommunications, Automation, Blockchain-based database, Internet service provider, Cryptocurrency

DENVER, May 16, 2023 /PRNewswire/ -- BridgeComm, the company facilitating the next evolution of connectivity through multipoint optical wireless communications, and Taj Quantum, the leading provider of future-forward cybersecurity solutions, successfully demonstrated the next evolution of connectivity and announced a partnership to develop the industry's first distributed ledger-based post-quantum attack-resistant (PQR) network tunnels over an optical wireless link.

Key Points: 
  • DENVER, May 16, 2023 /PRNewswire/ -- BridgeComm , the company facilitating the next evolution of connectivity through multipoint optical wireless communications, and Taj Quantum, the leading provider of future-forward cybersecurity solutions, successfully demonstrated the next evolution of connectivity and announced a partnership to develop the industry's first distributed ledger-based post-quantum attack-resistant (PQR) network tunnels over an optical wireless link.
  • The solution leverages Taj Quantum's blockchain-based smart contract authentication, and will send the PQR encrypted data over BridgeComm's point-to-multipoint free space optical wireless communications (FSOC) infrastructure.
  • The partnership also allows BridgeComm to now make its multi-point optical wireless communications infrastructure capable of fault-tolerant, multi-user, PQR-encryption.
  • "We are excited to partner with BridgeComm to create a secure and reliable network infrastructure that is powered by the latest in telecommunications and blockchain technology," said Paul Lilly, CEO, Taj Quantum.

DFIN and The Data Foundation Host RegTech 2023 Data Summit

Retrieved on: 
Tuesday, April 11, 2023
Federal Deposit Insurance Corporation, Legislation, FDTA, The Keynote Speaker, DFIN, Hughes, FDIC, Keynote, Clay, FSOC, Blog, XBRL, NYSE, Federal Reserve, Donnelley Financial Solutions, Regulatory technology, Federation, Cryptocurrency

NEW YORK, April 11, 2023 /PRNewswire/ -- Donnelley Financial Solutions (NYSE: DFIN), a leading global risk and compliance company, is the title sponsor of the Data Foundation's RegTech 2023 Data Summit, which takes place today in Washington, D.C. Attendees will explore data modernization under the Financial Data Transparency Act (FDTA).

Key Points: 
  • NEW YORK, April 11, 2023 /PRNewswire/ -- Donnelley Financial Solutions (NYSE: DFIN), a leading global risk and compliance company, is the title sponsor of the Data Foundation's RegTech 2023 Data Summit, which takes place today in Washington, D.C. Attendees will explore data modernization under the Financial Data Transparency Act (FDTA).
  • The FDTA impacts every organization involved in preparing, providing, and using financial data, including financial institutions, agencies, technology vendors, data companies, and analytics firms.
  • "The passage of the Financial Data Transparency Act marks a significant step forward to modernize financial data," said Nick Hart, President & CEO of the Data Foundation.
  • For more information about RegTech 2023 Data Summit: Data Modernization under the Financial Data Transparency Act, and to register, visit datafoundation.org .

Viasat Debuts Mercury Expeditionary Free Space Optical Communications Terminal

Retrieved on: 
Thursday, April 6, 2023
Data-rate units, U.S. Department of Defense Strategy for Operating in Cyberspace, Atmosphere, Mercury, VSAT, United States Department of Defense, Special forces, TE, FSOC, United States special operations forces, Government, FSO, Free-space optical communication, Acquisition, PAT, SOCOM, Viasat (American company), RF, Mobile phone, Transport, Viasat

CARLSBAD, Calif., April 6, 2023 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced that it debuted its new Mercury Free Space Optical Communications (FSOC) terminal during the U.S. Special Operations Command (SOCOM) Technical Experimentation (TE) event on March 21, 2023 in Avon Park, Florida. SOCOM conducts TE events across the United States with participation from government, academia, and private industry organizations, providing a unique opportunity for technology developers to interact with the Special Operations Forces community. The new free space optics (FSO) solution was designed to support terrestrial, expeditionary applications, including SOCOM use cases.

Key Points: 
  • CARLSBAD, Calif., April 6, 2023 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced that it debuted its new Mercury Free Space Optical Communications (FSOC) terminal during the U.S. Special Operations Command (SOCOM) Technical Experimentation (TE) event on March 21, 2023 in Avon Park, Florida.
  • The new free space optics (FSO) solution was designed to support terrestrial, expeditionary applications, including SOCOM use cases.
  • The Viasat Mercury solution is an expeditionary, high-capacity FSOC link with an automated pointing, acquisition, and tracking (PAT) system, offering military operators lower signature communications at the quick-halt.
  • Visit the Viasat website for more information on Viasat the Mercury terminal and FSOC solutions.

SEC Proposes to Enhance Private Fund Reporting

Retrieved on: 
Wednesday, August 10, 2022
U.S. Securities and Exchange Commission, CFTC, Industry, Form, Growth, SEC, Security (finance), Federal Register, Private, Commodity Futures Trading Commission, Processor register, Finance, Adviser, Financial Stability Oversight Council, FSOC, Smart contract, External commercial borrowing, Financial adviser, Financial services

"In the decade since the SEC and CFTC jointly adopted Form PF, regulators have gained vital insight with respect to private funds.

Key Points: 
  • "In the decade since the SEC and CFTC jointly adopted Form PF, regulators have gained vital insight with respect to private funds.
  • Since then, though, the private fund industry has grown in gross asset value by nearly 150 percent and evolved in terms of its business practices, complexity, and investment strategies," said SEC Chair Gary Gensler.
  • Enhance Reporting by Large Hedge Fund Advisers on Qualifying Hedge Funds.
  • Enhance Reporting on Basic Information About Advisers and the Private Funds They Advise.

Ceres finds U.S. financial regulators have made significant progress in addressing climate-related financial risk over the past year

Retrieved on: 
Monday, June 27, 2022
U.S. Department of the Treasury, Office of Inspector General, National Credit Union Administration, Federal Housing Finance Agency, Ceres, FHFA, CFTC, Commodity Futures Trading Commission, Self-regulatory organization, Climate change, Climate, Capital market, U.S. Securities and Exchange Commission, Federal Deposit Insurance Corporation, MSRB, Fed, OCC, U.S. Department of Commerce Office of Security, FDIC, Treasury, FSOC, SEC, NCUA, Municipal Securities Rulemaking Board, Federal Reserve Bank, Smart contract, Federal Reserve Bank of St. Louis, Sustainability, Safety, Multimedia, Comptroller, Renewable energy, Bank, Audit, Management

Nine federal agencies have taken 230 actions to address climate financial risk, according to a new 2022 Ceres scorecard.

Key Points: 
  • Nine federal agencies have taken 230 actions to address climate financial risk, according to a new 2022 Ceres scorecard.
  • The 2022 Climate Risk Scorecard: Assessing U.S. Financial Regulator Action on Climate Financial Risk , provides an in-depth analysis of the action steps that the agencies have taken to protect our capital markets, financial institutions, and communities from the effects of climate risk.
  • They have identified climate change as a significant financial risk and are working to protect all sectors of our economy from its impacts."
  • For those agencies with authority that encompasses the needs of financially vulnerable communities, there is greater variation in progress.

Industry Leaders Say the U.S. Securities and Exchange Commission's Proposed Rules Would Set New Cybersecurity Requirements

Retrieved on: 
Thursday, April 14, 2022
Cybersecurity and Infrastructure Security Agency, CEO, National Association, Ability, Corporation, Nation, Internet, Organization, U.S. Securities and Exchange Commission, Security (finance), SARS, FSOC, Financial Stability Oversight Council, GV, SecurityScorecard, Lists of companies, LinkedIn, Sequoia Capital, Computer security, Silver Lake (investment firm), Ecosystem, Silver, Solution, SEC, NACD, NEW, National Association of Corporate Directors, Intelligence, Public, Director, Risk, Multimedia, Disclosure, CTA, CISA, Risk management, Financial adviser, Medical device, Weapon

NEW YORK, April 14, 2022 /PRNewswire/ -- The National Association of Corporate Directors (NACD), SecurityScorecard and the Cyber Threat Alliance today released a report, "An Update on the State of the SEC's Approach to Cyber Risk," that examines the U.S. Securities and Exchange Commission's recently Proposed Rules and Amendments on cybersecurity reporting requirements for public companies. The report concludes that the Proposed Rules, if enacted as currently drafted, would strengthen the ability of public companies, Funds and Advisors to combat cybersecurity threats and implement risk mitigation processes.

Key Points: 
  • On Feb. 9, the SEC proposed new reporting and recordkeeping requirements for Advisors and Funds.
  • Market-makers and broker-dealers are excluded from these Proposed Rules but the SEC is considering broadening reporting obligations in the near future.
  • The Proposed Rules also call for board oversight of a company's cybersecurity risk and implementation of related policies.
  • While the Proposed Rules do not mandate the deployment of continuous monitoring solutions, the SEC's discussion of required elements for both sets of Proposed Rules supports such solutions.

NAIC Executive Committee Appoints Beth Dwyer to Financial Stability Oversight Council

Retrieved on: 
Thursday, March 31, 2022
Dodd–Frank Wall Street Reform and Consumer Protection Act, Conduct of Employment Agencies and Employment Businesses Regulations 2003, Climate, Idaho Department of Environmental Quality, National Association of Insurance Commissioners, National Insurance, Multimedia, Board, NIPR, National Association, Insurance, Superintendent, Council, Communication, Consumer Protection Act, Safety, NAIC, Knowledge, FSOC, Committee, Department, Finance, Executive Committee, Financial Stability Oversight Council, National Executive Committee of the Labour Party, Federation, Management

WASHINGTON, March 31, 2022 /PRNewswire/ -- The Executive Committee of the National Association of Insurance Commissioners (NAIC) has appointed Beth Dwyer, Superintendent of Banking and Insurance for Rhode Island's Department of Business Regulation, to serve as NAIC members' representative on the Financial Stability Oversight Council (FSOC). She will succeed recently retired Maine Bureau of Insurance Superintendent Eric Cioppa and will provide the Council with critical expertise and the perspective of state insurance regulators.

Key Points: 
  • WASHINGTON, March 31, 2022 /PRNewswire/ -- The Executive Committee of the National Association of Insurance Commissioners (NAIC) has appointed Beth Dwyer, Superintendent of Banking and Insurance for Rhode Island's Department of Business Regulation, to serve as NAIC members' representative on the Financial Stability Oversight Council (FSOC).
  • She will succeed recently retired Maine Bureau of Insurance Superintendent Eric Cioppa and will provide the Council with critical expertise and the perspective of state insurance regulators.
  • "Ensuring financial stability nationwide requires trust, clear communication, and close collaboration between the states and the federal government.
  • The Council comprises ten voting members and five non-voting members and monitors the safety and stability of the nation's financial system, identifies risks to the system, and coordinates responses.