Financial institutions often share their customers’ and consumers' financial information with business partners and affiliates. In order to protect citizens’ privacy and decrease the likelihood of identity theft, in 1999 the United States Congress passed the Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act.
Starting from March 1, 2022, the new Supplemental Liquidity Schedule (SLS), proposed in April 2021 by the Financial Industry Regulatory Authority (FINRA), has become effective following approval by the Securities and Exchange Commission (SEC).
In a move that only confirms the ongoing regulatory focus on best execution, the Financial Industry Regulatory Authority (FINRA) recently announced that it fined Deutsche Bank Securities, Inc. (Deutsche Bank) $2 million for failing to comply with its obligation to seek “best execution” for its customers’ orders, according to a press release on March 8.
On December 16, 2020, The Securities Exchange Commission (SEC) released a Risk Alert on Rule 13h-1 (Large Trader Rule) and the rules about Consolidated Audit Trails which went into effect in April 2021.
Fintech Gamification has lately become a financial buzzword, but the concept is not novel. As a strategy for influencing and motivating behavior, many industries have used it for years across activities from frequent-flier awards to educational training sessions.
