GBP Markets News 

FinServ Executives Frustrated With Lack Of Regulatory Harmony

“President Donald Trump and Brexit unsurprisingly dominate the conversation among executives surveyed by Duff & Phelps for its 2018 Global Regulatory Outlook survey” reports pymnts.com. More than a tenth of survey respondents said they plan to spend more than 10 percent of annual turnover by 2023. — 51 percent expect financial services regulation to lead to market stability, up from 42 percent in 2017’s survey, said Duff & Phelps.But the report noted that leaves 29 percent of professionals saying FinServ regulation won’t lead to greater market stability, and even 10…

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News 

The pro-privacy backlash against Facebook might actually make it even stronger

“The new regulations could actually create hurdles that will be a bigger burden for potential competitors to Facebook than for Facebook itself, Mogharabi said in a research note Friday” writes Rob Price for businessinsider.com. These would be Facebook alternatives that wouldn’t be reliant on user-targeted advertising and so wouldn’t be constrained by GDPR or similar regulations. Source: businessinsider.com Share This:

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Facebook is taking its first steps to comply with Europe’s strict data privacy rules

“But Zuckerberg has promised to make the GDPR regulations standard for all of Facebook users, not just those in Europe” writes Apr Edt for recode.net. Facebook is taking its first formal steps this week toward complying with the European Union’s new data privacy regulations, known as the GDPR, which are set to go into effect on May 25.As part of the new rules, tech companies like Facebook will be required to add more privacy controls and better explain how and why it collects user data.It’s one of the main reasons…

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News Regulators 

A top Federal Reserve official said Monday that the central bank should go beyond the pending bipartisan Senate bill in providing regulatory relief for regional banks.

“A top Federal Reserve official said Monday that the central bank should go beyond the pending bipartisan Senate bill in providing regulatory relief for regional banks” writes Joshua Roberts Bloomberg for washingtonexaminer.com. Quarles said that the financial system is stronger and safer thanks to the post-crisis rules, but that “inevitably” the vast array of new regulations could be improved.Quarles said he supports the legislation, which liberal critics argue would represent a step toward greater risk of financial crisis.Those changes would not apply to megabanks such as Goldman Sachs and JPMorgan…

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Facebook’s recent struggles have investors in a panic — and looming regulation could forever change how it does business

“Europe has already enacted new regulations to protect users’ data; it was approved in 2016 and going into effect this May” writes Kara Chin for businessinsider.com. The big one on everyone’s mind following the recent Cambridge Analytica scandal is data protection.Nidhi Gupta, the manager of the Fidelity Select Multimedia Fund, says potential regulation falls into three buckets: content safety, antitrust, and data protection.After it was revealed that Cambridge Analytica improperly accessed data from 87 million Facebook users, privacy concerns have been front and center in tech. Source: businessinsider.com Share This:

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Guitar makers hit hard by new regulations on prized rosewood

“Agency officials previously placed trade limits on only a few rosewood species, such as Brazilian rosewood, which is especially precious” writes Josessions Guitarist Magazine for cnbc.com. Since new trade rules took effect in 2017, guitar makers have complained about long delays in getting permits to import rosewood and export finished instruments that contain it.The United Nations describes the rosewood trade as the world’s costliest wildlife crime, with seizures totaling more than almost all other species combined.But the 2016 trade rules covered up to 300 species of the rosewood family known…

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News 

Republicans, Democrats, Facebook want to team up to regulate away competition

“And government will get bigger, big business will get stronger, and competition will be thwarted” writes Graeme Jennings Washington for washingtonexaminer.com. Democrats are going to say they’re tough on business, except for the “well-behaved” businesses who say “regulate me.”. Republicans are going to say they don’t want regulations except for the “pro-business” ones that Facebook likes.It’s a good report, but it’s built entirely on the premise that Facebook will use this clout to prevent regulation.Lindsey Graham, a South Carolina Republican who is more pro-business than most, asked Mark Zuckerberg, CEO…

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News 

US attorney overseeing Michael Cohen raid recused himself

“Geoffrey Berman is currently the interim attorney for the district, and was appointed by Attorney General Jeff Sessions in January after personally meeting with Trump in late 2017” writes Pablo Martinez Monsivais for washingtonexaminer.com. The U.S. attorney for the Southern District of New York has recused himself from the investigation into the lawyer for President Trump. Source: washingtonexaminer.com Share This:

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Brokers Crypto News 

Coinbase might become a brokerage firm

“US cryptocurrency company Coinbase is in talks with the US Securities Exchange Commission (SEC) to be registered as a licensed brokerage firm and electronic trading venue” writes Lea Nonninger for businessinsider.com. However, as a licensed brokerage, Coinbase would be allowed to expand its offerings to securities, and thereby such assets.Crypto exchange operators like Coinbase are conventionally not allowed to offer assets to their clients that the SEC deems to be securities. Source: businessinsider.com Share This:

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News Stocks 

Bank of America: Tech stocks could be headed for regulatory-driven collapse similar to tobacco and banks

“Technology is the least regulated industry sector, with just 27,000 regulations versus 215,000 for manufacturing and 128,000 for the financial sector, according to Bank of America Merrill Lynch” writes Evelyn Cheng for cnbc.com. The statement is his 10th and last in a list of reasons to reduce holdings of technology stocks this year.That light touch could change in the wake of Facebook’s consumer data scandal, likely leading to significant pressure on the best-performing S&P 500 industry sector.Washington’s increased scrutiny of technology giants could spell trouble for their stocks, if history…

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