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eProseed will participate as a Supporting Partner in the 11th MENA Regulatory Summit on February 5th & 6th in Dubai, United Arab Emirates.

The summit will cover the main topical challenges faced by the regulatory authorities and the GRC community, a debate in which eProseed has a pivotal role to play as the publisher of FSIP, a comprehensive financial supervision solution dedicated to Central Banks, Financial Regulators and Supervisory Authorities.

The 11th MENA Regulatory Summit will take place in Dubai, UAE, in association with the Dubai Financial Services Authority (DFSA) and under the patronage of H.E.
Sultan bin Saeed Al Mansouri, the UAE Minister of Economy.

Formerly known as the GCC Regulators' Summit, the event has been renamed in an effort to ensure the utmost involvement of the governance, risk and compliance (GRC) community across the MENA (Middle East and North Africa) region, and to expand the dialogue to neighboring countries that share the same topical risk challenges and regulatory outlook.

eProseed logo

"With increasing demands from many international regulatory bodies, financial supervisory authorities are required to monitor the compliance of their financial institutions against numerous new national and international requirements.
In the MENA region, the recent macroeconomic developments have also triggered an unprecedented demand for collection of high precision data at high frequency from all financial institutions to support a better risk based supervision", comments Geoffroy de Lamalle, Chief Executive Officer of eProseed.

MENA: an increasing role in global compliance and combating financial crime
The 11th MENA Regulatory Summit will be attended and supported by regional and international regulators, financial services professionals, law practitioners, advisors and market players.

The participants will highlight the recent macroeconomic developments in the MENA region including the US election, Brexit aftermath, regional regulatory responses to the financial crisis, the digital revolution in financial services, block chain technology, and crowd funding.

The speakers will set the landscape for international anti-financial crime trends, FATF perspective on terrorist financing and emergent types of financial crimes, and the dangers of withdrawal of correspondent banking relationships. Panelists will also discuss trade-based money laundering and trade finance activities, compliance culture, business conduct, business ethics, and compliance conflicts.

eProseed, the Solution Provider for Financial Supervision
Leveraging the proven expertise in developing and implementing end-to-end business solutions based on Oracle's world-class software technology stack and a close collaboration with major Financial Institutions and Regulators, eProseed has developed eProseed Financial Supervision Insight Platform (FSIP), an end-to-end financial supervision solution dedicated to Central Banks, Financial Regulators and Supervisory Authorities.

"In essence, eProseed FSIP is a comprehensive, highly agile, and plug-and-play financial supervision solution, enabling efficient and pro-active collection of high precision data at high frequency from all financial institutions, as well as automating and integrating all regulatory and supervisory functions in one single software solution", says Geoffroy de Lamalle.

About eProseed
eProseed is an ICT services provider and a software publisher. Honored with 8 Oracle ACE Directors and 14 Oracle Excellence Awards in the last 7 years, eProseed is an Oracle Platinum Partner with in-depth expertise in Oracle Database, Oracle Fusion Middleware and Oracle Engineered Systems.

eProseed’s portfolio of business applications and business accelerators is built on state-of-the-art, reliable technologies and sound knowledge of today’s challenges, developed and maintained with the highest standards in mind.

Comprehensive training and support are provided by eProseed’s experts for both applications and underlying technologies.

Headquartered in Luxembourg, in the heart of Europe, eProseed has offices in Beirut (LB), Brussels (BE), Dubai (AE), London (UK), New York (USA), Porto (PT), Riyadh (SAU), Sydney (AU), and Utrecht (NL).

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Contact
Alexandra Toma
Email: alexandra.toma@eproseed.com
Phone: +40 767 670 566
www.eproseed.com

Banks 'effectively unregulated on cybersecurity' It might take a major bank to fail as a result of a cyber attack for meaningful changes in cybersecurity practices, regulation and governance in the UK banking market to be implemented, a leading industry commentator has said. In an interview with Out-Law.com, professor Richard Benham, chairman of the National Cyber Management Centre, expanded on earlier comments he provided to the BBC. He reiterated his view that there will be a run on a bank in 2017 as a result of customers losing confidence in the security of their funds following a cyber attack, and said more formal regulation of cybersecurity is needed in UK banking. Benham said that, despite the existence of Bank of England guidance, the banking industry is currently "effectively unregulated on cybersecurity".

There is a lack of "mandated standards", he said, and that these should be put in place. "At the moment there is a tendency to leave banks to manage their own security," Benham said. The Tesco Bank incident, and the attacks carried out via the SWIFT banking system, such as those that affected Bangladesh’s central bank and Ecuadorian bank Banco del Austro, should "serve as a wake up call" to industry over cybersecurity vulnerabilities, he said. However, he said he believes some banks appear too willing to sacrifice an element of security when working on initiatives aimed at enhancing the customer experience, in response to consumers' demand for faster means of transferring money. Citing the greater regulation banks have faced since the "credit crunch" as an example, Benham predicted, though, that "it might take a major failure" of a bank, stemming from a successful cyber attack and subsequent run on the bank as customers seek to withdraw funds, to prompt tighter regulation of cybersecurity of banks by central banks, governments and regulators. Benham said that the Tesco Bank case showed that banks can fall victim to hackers and that leading industry figures admit that, should attacks be successful, it is inevitable customer funds will be stolen. Online-only banks are perhaps more vulnerable to reputational damage, loss of customer confidence and a subsequent run on funds, should a cyber attack knock-out their systems, Benham said. High street banks, able to deal with issues in-branch, might be able to better respond to customer concerns and issue refunds quicker in the event they are hit by such an attack, he said. The ability to reassure customers about the security of their funds, and issue refunds speedily, will be vital to a bank should they fall victim to a cyber attack, he said.

Bank customers are likely to show "a degree of apathy" towards a bank's cybersecurity failings if they are promptly refunded for any losses they have sustained, he said. At the moment, the true scale of losses banks suffer from cyber attacks is unknown, Benham said.

This is because banks are able to disguise figures under the generic 'fraud' label, he said. However, he said the forthcoming General Data Protection Regulation (GDPR), with its new data breach notification obligations, is likely to bring a greater number of such attacks to light, as well as more details about their impact. He said it is hard to predict what impact that might have on customer confidence and their eagerness to move money out of accounts. Last month, Andrew Tyrie, chair of the UK parliament's Treasury Select Committee, said the current "lines of responsibility and accountability for reducing cyber threats" in banking "appear to be somewhat opaque".

Tyrie said the UK should consider reorganising its governance of cyber risk in financial services so that there is "a single point of responsibility". Copyright © 2016, Out-Law.com Out-Law.com is part of international law firm Pinsent Masons. Sponsored: Want to know more about Privileged Access Management? Visit The Register's hub
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. Those factors have prompted a number of enterprises to build blockchains into essential business functions, or at least to test them there. Here are five ways your business could use blockchain technology today. Making payments Bitcoin introduced the first blockchain as a tool for making payments without going through the banks. But what if you work for a bank? Strangely, many of the features that made bitcoin distasteful to the banks are making the underlying blockchain technology attractive as a way to settle transactions among themselves in dollars or sterling. It’s public, so banks can see whether their counterparties can afford to settle their debts, and distributed, so they can settle faster than some central banks will allow. Ripple is one of the first such blockchain-based settlement mechanisms: Its banking partners include UBS, Santander, and Standard Chartered. But UBS and Santander are also working on another blockchain project called Utility Settlement Coin, which will allow them to settle payments in multiple currencies, with Deutsche Bank, BNY Mellon, and others. If these systems catch on, it’s surely only a matter of time before such blockchain payments trickle down to compete with traditional inter-bank transfer mechanisms such as SWIFT. Identity of Things On the internet, famously, no one knows if you’re a dog, and on the internet of things, identity can be similarly difficult to pin down. That’s not great if you’re trying to securely identify the devices that connect to your network, and it’s what prompted the U.S. Department of Homeland Security to fund a project by Factom to create a timestamped log of such devices in a blockchain, recording their identification number, manufacturer, available device updates, known security issues, and granted permissions. That could all go in a regular device-management database, but the DHS hopes that the immutability of the blockchain will make it harder for hackers to spoof known devices by preventing them from altering the records. Certifying certificates It’s not just devices that can be spoofed, but also qualifications. If you were looking to hire someone with blockchain expertise, and the applicant told you they had a professional certification, what would you do to check the certificate’s validity? Software developer Learning Machine hopes candidates will present their certificates in its mobile app, and that you will check their validity using Blockcerts. This is a way of storing details of a certificate in the blockchain, so that anyone can verify its content and the identity of the person to whom it was issued without the need to contact a central issuing authority. The certificates can be about educational qualifications, professional training, membership of a group, anything, so if your organization issues certificates, you could issue them on the blockchain, too. Learning Machine and co-developer MIT Media Lab have published details of Blockcerts as an open standard and posted the code to Github. Diamonds are forever Diamonds, they say, are forever, so that means whatever system you use to track them is going to have to stand the test of time too. Everledger is counting on blockchain technology to prove the provenance and ownership of diamonds recorded in its ledger. In fact, it’s using two blockchains: A private one to record information that diamond sellers need to share with buyers, but may not want widely known, and the public bitcoin blockchain to provide an indisputable timestamp for the private records. The company built its first diamond database on the Eris blockchain application platform developed by Monax but recently moved to a system running in IBM’s Bluemix cloud. Diamonds are eminently traceable as the uncut ones have unique physical characteristics and the cut ones are, these days, typically laser-etched with a tiny serial number. Recording each movement of such valuable items allows insurers to identify fraud and international bodies to ensure that trade in diamonds is not funding conflicts. Everledger CEO Leanne Kemp believes the system could transform trade in other valuable commodities, too. The company has identified luxury goods and works of art as possibilities. And finally, the pork But what about the pork? It may not be worth as much by weight as a diamond, but in China at least, it more than makes up for that in volume. And because pork is not forever, being able to demonstrate that a particular piece of it is fresh and fit for consumption can be vital. Pork is one of many products for which fine-grained tracking and tracing of inventory can be helpful, and happens to be the one Walmart is testing blockchain technology with. It’s using IBM’s blockchain to record where each piece of pork it sells in China comes from, where and how it is processed, its storage temperature and expected expiration date. If a product recall becomes necessary, it will be able to narrow down the batches affected and identify exactly where they are or, if they have already been sold, who bought them. The project may extend to other products: The company has just opened the Walmart Food Safety Collaboration Center (WFSCC) in China to work with IBM and industry partners to make food supplies safer and healthier using blockchain technology.
Multi-asset class MiFID II Trade Reporting Solution now available on the Colt PrizmNet financial extranet TRADEcho solution brings together London Stock Exchange plc and Boat Services’ existing trade reporting services London, 21 July 2016 – Colt PrizmNet, the financial extranet developed by Colt, will enable connectivity to TRADEcho’s multi asset APA solution for pre- and post-trade reporting, enabling capital markets firms to comply with the new trade reporting obligations due for implementation in January 2018 as part of MiFID II.TRADEcho is a multi-asset-class APA solution, saving firms the trouble and expense of working with multiple APAs, while the scale of the solution provides increased anonymity for post-trade reporting.

A joint venture between the London Stock Exchange Group (LSEG) and Boat Services Ltd, TRADEcho delivers unparalleled transparency solutions by bringing together the two companies' existing trade reporting services, as well as their respective regulatory and technical expertise. With access to the TRADEcho platform via Colt's financial extranet, firms can use the full range of TRADEcho services, including: Trade reporting — real time OTC trade reporting for investment firms and trading venues SI quoting — publication of quotes via London Stock Exchange market data feeds and market data vendors On exchange, off book — post-trade reporting services for on-exchange trades for London Stock Exchange member firms Cleared model - a sophisticated trade validation and risk management tool to allow trade reports to be flagged for onward routing to a CCP "The global capital markets ecosystem has its work cut out to get ready for MiFID II compliance.

TRADEcho will simplify compliance with MiFID II's pre- and post-trade transparency obligations with a one-stop shop solution that covers all asset classes.

The existing London Stock Exchange and Boat MiFID I trade reporting services will be combined at the end of 2016 with our MiFID II Smart Report Router also available at year end – with other services following shortly behind - and Colt PrizmNet will offer a quick and easy way to connect to it”, said Daniel Shepherd, Head of Sales, TRADEcho. With its deterministic low latency, Colt PrizmNet is a dedicated private network that links the global capital market ecosystem.

The extranet provides a scalable, secure, and reliable platform to rapidly connect and support market participants in areas such as trade reporting, algorithm testing and best execution, helping firms comply with the requirements of the upcoming MiFID II directive. “MiFID II is a complex set of regulations and, understandably, institutions cannot yet quantify exactly how they will need to change their systems to ensure compliance or the investment required to do so.

Colt believes a partnership approach is the best way to reduce this complexity, bringing together the expertise of specialised providers.

Colt PrizmNet, our financial extranet, is an enabler for this, as it allows firms to easily tap into a range of financial and regulatory services,” commented John Loveland, VP of Capital Markets at Colt. For more information, please visit http://www.colt.net/capitalmarkets or contact capitalmarkets@colt.net. About ColtColt provides on-demand network and communications services to information–intensive businesses across Europe, Asia and North America.

Founded in 1992, there are over 5000 Colt people in local offices across 21 countries.

Customers include 18 of the top 25 bank and diversified financial groups and 19 out of the top 25 companies in both global media and telecoms industries (Forbes 2000 list, 2014).
In addition, Colt works with over 50 exchange venues and 13 European central banks.

Colt provides businesses with reliable business grade services backed by the right choice of technology, service and commercials. When it matters, customers choose Colt.