I'm very happy to share a new article — "In Defense of the Second Line of Defense: The Role of Independent Risk Management" — just published in the 2023 Starling Compendium. To access, click through, choose join, and "Observer Status" (which is free). https://t.co/n0mr5ckmmp

"The progress report highlighted the process of the ABIF [ASEAN Banking Integration Framework] review based on three (3) fundamentals, namely: (i) institutional arrangements; (ii) flow of services to include cross-border digital financial services; and (iii) regulatory

"And this is now dovetailing with the generative AI revolution, which – like all technological revolutions – is likely to both destroy some jobs and create new ones. According to one estimate, more than a quarter of jobs in advanced economies rely on skills that could easily be

"Management’s and auditors’ risk assessment processes are critical to the decisions regarding financial reporting and the effectiveness of internal control over financial reporting (ICFR). Accordingly, we are troubled by instances in which management and auditors appear too

"State Bank of Vietnam (SBV), the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. … The RPC initiative was established to strengthen and enhance collaboration on payment connectivity through the development of faster, cheaper,

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"The extant framework also provides for various types of ‘Sandboxes’ for startups to test their innovative products and solutions such as Innovation Sandbox, Regulatory Sandbox and Inter Operable regulatory sandbox. These sandboxes are facilitating the development of GIFT IFSC

"As with other new technologies, the CSSF’s and EU authorities’ task will be to provide an adequate framework for the use of AI in finance, taking into account both the advantages and risks associated with AI, so that the technology can be used safely. Another focus will be on

Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions An unpublished Proposed Rule by the Internal Revenue Service on 08/29/2023 https://t.co/lteLF8QjWH

"Under current law, taxpayers owe tax on gains and may be entitled to deduct losses on digital assets when sold, but for many taxpayers it is difficult and costly to calculate their gains. These proposed rules require brokers to provide a new Form 1099-DA to help taxpayers

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"Innovation should be both an input and an output of the digital pound. On the inputs side, an important driver of the likely need for a UK CBDC is the innovation that has already happened around how we hold money and make purchases. And whatever technology choices are made as

"While examining financial institution readiness for digital bank runs, which are more likely in a new financial environment that includes mobile banking, authorities need preemptive management to prevent excessive market jitters by coming up with liquidity support measures for

"Digital Payment Security Control Guidelines have been issued to address the risks in digital payment products. Guidelines for digital lending – an emerging area – have also been issued. In fact, it will not be off the mark to say that almost the entire regulatory and

"Among other things, HB 1666 [Texas' Digital Asset Service Provider legislation] implements the following requirements to qualifying DASPs: • Prohibit DASPs from commingling customer funds with funds belonging to the provider; • Requires a provider to maintain reserves in an

"The survey responses suggest that a few CCPs [Central Counterparties] appear to have room for continued improvement in their approach to addressing funding or liquidity gaps. These include cases of (i) failure to identify available tools or resources to address potential

"The Riksbank [Sweden's central bank] is focusing more on the design of an e-krona that can be issued, and on investigating what amendments are required to existing legislation should the Riksdag decide to issue an e-krona." https://t.co/v4R38mWs7A

"Successful micropayment systems and solutions will not only minimise transaction costs, but make such transactions a common, established practice. In terms of technology, it is worth noting that most recent initiatives have used DLT, although there does not seem to be any

"Like any innovation, generative AI will bring benefits and risks, and we don’t yet know what they will be. For this reason, financial regulators globally are beginning to consider the implications for financial stability. When APRA’s latest Corporate Plan is released next week,