Financial Regulatory Forum

By Emmanuel Olaoye

WASHINGTON/NEW YORK, July 13 (Thomson Reuters Accelus) – Bank regulators this week raised their warnings to financial institutions on the dangers of using vendors that provide so-called “cloud computing” services.

Cloud computing lets businesses outsource data storage and transactions to vendors that host remote datacenters that can only be accessed over the internet. The model allows the companies to change their information technology without buying and setting up new systems. (more…)

Wanted for financing terrorism

By Marcin Grajewski

BRUSSELS, Feb 8 (Reuters) – The European Parliament may approve a disputed deal with the United States on sharing bank data in the fight against terrorism if it is promised a say in future talks on the issue, parliamentary sources said.

The EU legislature’s civil liberties committee rejected an interim agreement on sharing data on cross-border bank transfers on the grounds that it failed to protect the privacy of European Union citizens. Washington says access to the information is crucial to combat terrorist financing.

But the full assembly may ratify the pact in a vote due on Thursday if EU governments and the European Commission guarantee that the parliament will be allowed an unprecedented role in negotiations on a future, permanent agreement.