News 

UK building sector hit by surge in insurance costs after Grenfell fire

“Some insurers have pulled out of the PI insurance market this year after several years of losses” writes Midwest Communications Inc for 95kqds.com. As a result, insurers are increasingly excluding cladding from professional indemnity (PI) policies which protect construction professionals against negligence claims.The difficulties of finding insurance could affect refurbishment and construction projects, including government targets to increase housebuilding, the sources said. Source: 95kqds.com

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Markets News Oil 

NIOC to revise regulations of oil offering at IRENEX

“Offering gas condensate at IRENEX came after the successful offering of crude oil at this market” reports tehrantimes.com. TEHRAN – National Iranian Oil Company (NIOC) has once again decided to revise the regulations pertain to the offering of oil at the country’s energy exchange (IRENEX), IRNA reported on Friday, quoting an NIOC official.After several unsuccessful offerings of light crude oil, NIOC decided to halt the process of offering oil and gas condensate in mid-May to prepare new guidelines for the later offerings.Offering heavy crude at IRENEX came after NIOC offered…

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Crypto News 

CipherTrace Urges Crypto Companies to Prepare for Anti-Money Laundering Compliance

“As the FATF regulations were brought to light, a number of challenges around ensuring compliance followed” writes Rachel Wolfson for cointelegraph.com. In turn, new regulations are being imposed to control the way cryptocurrency companies operate and do business globally.Overall, the CipherTrace conference and hackathon gathered a unique mix of individuals to discuss the future of cryptocurrency regulations.CipherTrace announced the release of TRISA in September as an open-source, peer-to-peer design for cryptocurrency companies and blockchain projects to comply with the FATF regulations. Source: cointelegraph.com

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News Regulators 

Mnuchin Open to Looser Rules to Ease Cash Crunch…

“(Bloomberg) — U.S. Treasury Secretary Steven Mnuchin is open to loosening financial crisis-era regulations that have stiffened liquidity rules for big banks to relieve possible cash crunches in short-term funding markets” writes Saleha Mohsin for yahoo.com. There may be a way around current regulations that creates more intra-day liquidity without raising risks, according to Mnuchin.President Donald Trump has repeatedly vowed to loosen the leash on Wall Street, but some of regulators’ most meaningful efforts to revamp post-crisis constraints on big banks have run into problems.The dysfunction has kept the U.S.…

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News 

China should ease regulations for foreign financial institutions – HSBC executive

“But other regulations also need to be relaxed, he said, for example to allow HSBC to expand its insurance business more easily into new cities and provinces in China” writes Midwest Communications Inc for 95kqds.com. SHANGHAI (Reuters) – China should ease regulations so that foreign financial institutions can obtain licenses and raise deposits more easily in the country, a senior executive from HSBC Peter Wong, deputy chairman and chief executive of HSBC’s Asia Pacific operations, also told a financial summit in Shanghai that China needs to improve corporate governance and…

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News 

Very Good Security, which helps companies protect their customers’ data, raises $35M Series B led by Goldman Sachs, bringing its total raised to $43.5M

“A quick peek around the world reveals that data privacy and residency regulations are only growing” writes Paul Sawers for venturebeat.com. New York-based BigID, for example, helps enterprises find sensitive data held on internal servers and databases, analyzes it, de-risks it, and ensures that organizations are complying with data protection regulations.VGS effecitvely “wraps around” companies’ systems, alleviating them from ever coming into direct contact with private data.In truth, any company that handles private customer data could use a platform such as VGS, from Netflix to Spotify and beyond.Founded out of…

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News 

EPA chief suggests California environmental rules to blame for wildfire-induced blackouts

“Environmental Protection Agency Administrator Andrew Wheeler is questioning whether California’s strict climate and environmental regulations were to blame for recent power blackouts in the state” reports washingtonexaminer.com. PG&E said the power shutdown was necessary to avoid the risk of wildfires during severe wind conditions in California.”There’s still a question on whether or not the real problem is a lack of financial resources or the state environmental regulations prohibiting them from going on to property to clear out the dead trees,” Wheeler said. Source: washingtonexaminer.com

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