- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Paul Volcker, former chairman of the Federal Reserve and eponym to the controversial Volcker rule of the Dodd–Frank Act, died Sunday. He was 92.
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Recently proposed amendments to the Volcker rule designed to simplify compliance requirements were finalized this week.
The latest amendments to the Volcker rule, a regulation aimed at curbing banks from engaging in proprietary trading, seek to eliminate unnecessary complexity without thwarting the rule’s main objective.
Five federal financial regulatory agencies announced this week they have adopted a final rule to exclude community banks from the Volcker Rule.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
