Financial Services Regulation and Risk-based Compliance

By: Stuart Bazley and Andrew Haynes
ISBN: 9781526501974

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About Financial Services Regulation and Risk-based Compliance

Previously called Financial Services Authority Regulation and Risk-based Compliance, the third edition of Financial Services Regulation and Risk-based Compliance provides an analysis of the source and operation of risk-based compliance regulation in the UK Financial Services industry. With financial services regulation in the UK having undergone significant restructuring since the second edition with the introduction of the FCA and PRA to replace the FSA, this new edition has been extensively... Read more

About Financial Services Regulation and Risk-based Compliance

Previously called Financial Services Authority Regulation and Risk-based Compliance, the third edition of Financial Services Regulation and Risk-based Compliance provides an analysis of the source and operation of risk-based compliance regulation in the UK Financial Services industry.

With financial services regulation in the UK having undergone significant restructuring since the second edition with the introduction of the FCA and PRA to replace the FSA, this new edition has been extensively rewritten and restructured in response to these changes and covers:

– the history of the development of financial services regulation; the nature and character of regulation; the regulatory reform following the financial crisis
– relevant provisions in the Financial Services and Markets Act and an examination of the structural elements of the UK system of financial regulation
– an analysis of the statutory framework for setting the regulator’s objectives and holding the PRA and FCA to account
– international standard setting IOSCO and Basle; the long arm reach of US regulation; arrangements for cross border regulator cooperation
– the regulatory regime for granting authorisation, obtaining , varying and removing business permissions; satisfying FSMA threshold conditions and the responsibility/liability for those that control authorised persons
– the nature of risk in financial services; the relationship between capital and risk; risk assessments, capital requirements
– how rules are made and their legal effect; rule interpretation, formal rules waivers; the rise of and impact of principles based obligations
– PRA and FCA approach to authorised firm supervision; supervisory categories; information gathering and regulatory reporting
– the regulatory requirement for systems and controls and its relationship with corporate governance; setting an appropriate control framework including three lines of defence models; the relationship between risk assessment and good governance
– the compliance function and its regulatory obligations; the relationship between the compliance function, Risk function and Internal Audit
– criminal offences as they apply to the financial sector together with obligations to establish and maintain money laundering systems and controls
– The administrative and criminal law regimes relating to Market abuse including the regulation of Financial benchmarks
– criminal offences as they apply to the financial sector together with obligations to establish and maintain appropriate systems and controls
– analysis of the FCA’s role as UK Listing Authority
– conduct risk and the regulation and control of customer facing activity along with analysis of the regulation and control of customer asset custody
– analysis of the regulation and control of CIS and hedge funds
– analysis of the law for authorisation and control of Recognised Investment Exchanges
– the PRA and FCA Senior management and certified person regime for banks and insurers; the Approved Person regime; Training and Competence
– personal responsibility together with administrative and criminal law liability for those persons that work in a Compliance Function including the Compliance Oversight office holder and Money Laundering Reporting Officer
– handling customer complaints and the jurisdiction of FOS; regulatory obligations for handling of non FOS jurisdiction complaints
– regulation by and duties to other bodies and agencies, the SFO, NCA, Financial Markets such as the LSE, the takeover panel and the professions including reference to the banking standards board
– examination of why compliance breakdown may occur; the PRA and FCA statutory powers of investigation and enforcement
– how might regulation and compliance develop, lessons from the past and emerging regulation

Financial Services Regulation and Risk-based Compliance will help all organisations operating in this heavily regulated industry to accurately comply with their legal responsibilities.

Table of Contents

Chapter 1: The need for regulation in financial services
Chapter 2: The structure of the system of financial services regulation
Chapter 3: Regulator objectives, duties, governance and accountability
Chapter 4: International and European Influences and international regulator cooperation
Chapter 5: Authorisation, business permissions and control liability
Chapter 6: Risk and Prudential Regulation
Chapter 7: The nature of rules and formal guidance, rule making and principles based obligations
Chapter 8: Supervision, information gathering and the regulators’ toolkit
Chapter 9: Governance – Senior management systems and controls
Chapter 10: The role of compliance, and fashioning compliance systems
Chapter 11: Special risk areas and compliance obligations – Money laundering, terrorist financing sanctions
Chapter 12: Special risk areas and compliance obligations – Market abuse, insider dealing and manipulation
Chapter 13: Special risk areas and compliance obligations – Other financial crime. Bribery and Corruption, Investment fraud and theft and Information security
Chapter 14: Special risk areas and compliance obligations – The listing, Prospectus and Disclosure rules
Chapter 15: Special risk areas and compliance obligations – Customer related obligations. Financial Promotions, Conduct of business, client money and assets and specialist rulebooks
Chapter 16: The regulation of Collective Investment Schemes and Investment Funds
Chapter 17: The authorisation and regulation of Investment Exchanges
Chapter 18: The Approved Persons regime and Senior management responsibility
Chapter 19: Compliance officer and MLRO liability
Chapter 20: Complaints handling rules and the Financial Ombudsman Service
Chapter 21: The financial services industry’s relationship with other regulatory agencies
Chapter 22: Compliance breakdown – Investigations and enforcement
Chapter 23: The future development of regulation and compliance

Publishing Details

Publication Date: 9 July 2020
ISBN: 9781526501974
Binding: Paperback
Edition: 3

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