TECH TUESDAY is a weekly content series covering all aspects of capital markets technology. TECH TUESDAY is produced in association with Nasdaq.
In Chile, securities market law and competition law regulate certain public offerings and promote competition in the market. In Singapore, the Securities and Futures Act regulates the activities and regimes of the securities and derivatives industry. German securities law contains requirements regarding securities markets, including fraud on exchanges and over-the-counter trading of financial instruments.
In an ever-evolving market with increasing regulatory demands, compliance is a difficult function to stay on top of within one jurisdiction. For global capital markets firms with operations in dozens of countries, the challenge becomes exponentially more difficult.
It is against this backdrop that Nasdaq introduced the Nasdaq Compliance Hub. This is a central resource where surveillance and compliance professionals can find the latest regulatory information on market abuse and browse country-specific resources. The Nasdaq Compliance Hub launched with 46 country pages covering the largest and most developed markets such as the US, UK and Hong Kong, to smaller markets such as Finland, Nigeria and Slovakia.
Tony Sio, head of regulatory strategy and innovation at Nasdaq, said: “The new digital destination will serve as a valuable resource for compliance and surveillance professionals who want to get a complete picture of their regulatory obligations. We look forward to including more compliance areas in the future. We look forward to continuing to build the Nasdaq Compliance Hub.”
Market regulations were tightened in the wake of the 2008-2009 global financial crisis, and the rate of change is still high 15 years later. The International Monetary Fund said in a 2022 blog post that “even after recent historic strengthening, countries still need to continue their efforts to reduce risks and strengthen the means to manage future crises.” .
This means that financial institutions with a global customer base, or at least global objectives, must keep up with an expanding list of country-specific regulations and bring them into a cross-border compliance framework that requires regulatory guidance and compliance training. It means you need to integrate. and monitoring.
Key challenges to cross-border regulatory compliance include rapidly changing and diverse regulatory frameworks. Differences in language, culture, and ethics. Data privacy and cyber security. and resource and supply chain constraints.
Best practices include implementing a compliance risk management framework. Implement robust internal controls. Monitor regional and international regulatory challenges. Leverage regulatory technology. and partner with managed service providers.
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