T+2 – Shortened Settlement Cycle: Notice of the SEC moving forward

Overview

One year ago, Deloitte began the journey with the industry and our clients to prepare for shortening of the trade settlement cycle to trade date plus two days (T+2). This work began with the creation of the T+2 Industry Playbook as a guide for financial firms to follow as they prepared for implementing T+2. Deloitte is working closely with SIFMA, ICI and DTCC in the T+2 Command Center function and continues to advance the messages of the shortened settlement cycle by facilitating T+2 workshops for our clients and the industry.

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TLAC | Final standards are only the start of a longer journey

Final standards are only the start of a longer journeyOriginally posted by David Strachan, partner & co-head, Deloitte UK, EMEA Centre for Regulatory Strategy and John Andrews, manager, Deloitte UK, EMEA Centre for Regulatory Strategy on the Financial Services UK blog on November 10, 2015.

Global systemically important banks (G-SIBs) will be required to meet a new prudential requirement – Total Loss-Absorbing Capacity (TLAC) – by 2019, in line with a new global standard published by the Financial Stability Board (FSB).

TLAC is the focal point for resolution authorities in their drive to make the ‘bail-in’ of creditors a credible means of absorbing losses and recapitalising failing banks, thereby eliminating the need for public funds. TLAC will essentially require G-SIBs to hold a layer of long-term unsecured debt over and above their minimum regulatory capital requirements – debt which will be made unambiguously loss-absorbing through bail-in.

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CFPB issues final rule amending the Home Mortgage Disclosure Act (HMDA)

Low-angle view of hospital sign

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule with significant amendments to the Home Mortgage Disclosure Act (HMDA). The 796-page document includes new and clarified reporting requirements that are likely to have a major impact on financial institutions. Some key changes include:

New coverage criteria for institutions. The new criteria will significantly increase the number of non-banking institutions that are required to collect and report HMDA data. However, banking institutions that originate a very low number of covered loans (fewer than 25 per year) will no longer be subject to the reporting requirements.

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Compliance on the brink: Harnessing Big data to the risk challenge

Harnessing Big data to the risk challenge

Posted by Rob Biskup and Maureen Mohlenkamp on August 17, 2015.

At the annual Compliance Week conference earlier this year, Deloitte’s status as a sponsor and presenter put it in the center of some compelling conversations. Across the discipline, there’s a growing consensus that Chief Compliance Officers (CCOs) are moving out from behind their general counsels and taking their own seats at the big table.

The question now is what they’ll do there. Part of the challenge is to help connect compliance officers with internal control and technology solutions. But the corresponding challenge is to make strategic sense of what those solutions can deliver and prioritize accordingly. Another challenge is for CCOs to engage broadly across the enterprise on these solutions, so compliance can make the same robust use of big data that leaders in other areas have done.

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Compliance Week 2015

Celebrating 10 years

May 18-20 2015 Mayflower hotel Washington DC

Harnessing Big data to the risk challenge

Posted by Nicole Sandford and Donna Epps on August 17, 2015.

For the third year in a row, Deloitte & Touche LLP and Compliance Week collaborated to produce the 2015 Compliance Trends Report, an annual benchmarking survey report that answers, “How do compliance functions efficiently and effectively manage the risks associated with the increasing demands of numerous stakeholders and position themselves for success in the future?”

We had the pleasure of presenting the survey’s findings during the annual Compliance Week conference in Washington D.C. this past May. The findings, summarized in our presentation below, shows some clear trends:

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Quality System Maturity Model for Medical Devices

Assessing quality system maturity models that could help medical device companies drive quality beyond compliance

US Supreme Court building

Posted by George Serafin, National Managing Director, Life Sciences & Healthcare on July 28, 2015.

Deloitte Advisory recently collaborated with the Medical Device Innovation Consortium (MDIC) to conduct research sponsored by the Food and Drug Administration (FDA) into quality system maturity models that other industries are using. MDIC is a public-private partnership collaborating on regulatory science to make patient access to new medical device technologies faster, safer, and more cost-efficient.

While there are already explicit regulations globally for medical devices and diagnostics, the industry does not yet have a widely recognized maturity model for quality management systems (QMS). The objective of this project was to recommend specific maturity model options that could be adopted by MDIC stakeholders, including medical device industry members and the FDA.1

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