Here’s what you missed from SteelEye in September 2023
We have some exciting news to share with you about SteelEye. This month, we are proud to announce that SteelEye has been named The Best Integrated Surveillance Firm at the 2023 HFM US Services Awards after winning the same category at the HFM European Services Awards earlier this year.?
In addition to this, we have published some interesting blog posts this month. Our Women in RegTech blog features Michelle Hunt , who shares her insights into her journey with SteelEye and why more women should join the RegTech industry. We have also published a new blog post where Brian Lynch , SteelEye's President of the Americas, discusses the key enforcement priorities for North American regulators in 2023 and provides insights on proactive measures that firms can take to prevent issues before it's too late.?
SteelEye was also featured in the press, with Matt Smith publishing an article in the Global Investor Group. In the piece, he examines the influence of emojis on compliance and risk management in an evolving regulatory landscape.?
Blogs
Top five enforcement areas by North American regulators in 2023
In 2023, North American regulators focused on small to mid-sized hedge funds, emphasizing proactive compliance post-record fines in 2022. The $549 million fine on 13 Wall Street firms for using unauthorized messaging platforms highlighted ongoing stringent enforcement. The SEC urged firms to self-report, cooperate, and remediate to mitigate reputational and financial damages. This blog stresses adopting a proactive stance to compliance, with 2023 regulatory vigilance ensuring communication, record-keeping standards, and compliance parameters to protect market integrity.?
SteelEye’s Women in RegTech: Michelle Hunt?
At SteelEye, our company culture is crucial in attracting and retaining top talent, including women, by creating a supportive environment where they can excel. In recognition of our dedication, we were honored to receive the Best Company Culture award from Harrington Starr in 2022. Michelle Hunt , a valued member of our Account Management team in London, shares her enriching journey at SteelEye, encouraging more women to explore opportunities in the RegTech sector. Our industry-wide recognized work environment highlights our commitment to inclusivity and community, driving us forward in the dynamic landscape of RegTech.
Unaddressed compliance gaps - Navigating Microsoft Teams archiving and supervision
The rapid adoption of Microsoft Teams as a remote communication tool during the COVID-19 pandemic has continued even after the pandemic, with many companies integrating these platforms into their organizational culture. However, the increase in digital communication channels has outpaced the surveillance policies of financial institutions, resulting in hefty fines for inadequate monitoring. For instance, in 2022, a fine of $1.1 billion was imposed, and in August 2023, fines of $549 million were imposed for WhatsApp, Signal, and iMessage. The blog post highlights the critical need for financial institutions to update their archiving and supervision policies on platforms like Microsoft Teams to avoid similar regulatory penalties in the future.?
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Regulatory Watch
SEC fines firms $79 million for electronic communications breaches
Ten firms have been fined $79 million by the SEC for not complying with the regulations related to electronic communications' maintenance and preservation. The regulators in North America have been strictly enforcing the laws, and this is a part of the ongoing trend. The affected firms have been ordered to cease any further regulatory breaches and hire independent compliance experts for thorough evaluations. Furthermore, a mutual firm has been fined an extra $20 million by the CFTC, which highlights the increased regulatory scrutiny across firms of all sizes.
Awards?
SteelEye named best integrated surveillance firm for the second time in 2023??
SteelEye has been awarded the Best Integrated Surveillance Firm title at the HFM US Services Awards, our ninth award in 2023. We received the same recognition at the HFM European Services Awards earlier this year. The integrated platform of SteelEye has been commended for its growing impact on the industry and despite our short time in North America, we have made significant progress. CEO Matt Smith has highlighted the team's efforts in demonstrating the value of the platform to firms in the region.?
More from SteelEye in the press highlights:
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