Watch this interactive discussion with guidance on easier management of licensing, registrations and continuing education across your firm.
Watch this interactive discussion with guidance on easier management of licensing, registrations and continuing education across your firm.
The Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry (also known as the Banking Royal Commission or the Hayne Royal Commission) made several recommendations in its final report on Australia’s financial industry.
Effective surveillance plays a crucial role for compliance in maintaining regulatory compliance and safeguarding the firm from the effects of illicit employee behavior that leads to market abuse and market manipulation. Regulators fully expect that firms to have effective controls in place to monitor employee behavior and transactions for non-compliance, whether inadvertent or intentional.
Solid policies and procedures are the backbone of an effective compliance program, providing a framework for the consistent application of rules and requirements across the organization and third parties that the firm conducts business with.
But just having a library of policies isn't enough. The key is having policies and procedures that are clear, actionable, defensible, adhered to across the firm and consistently updated to keep pace with regulatory change. In the complex and volatile business environment that financial services firms are operating in, that goal is often easier said than done.
SEC Rule 206(4)-7 requires registered advisers to review policies and procedures at least annually to ensure that they are both adequate and effectively implemented. Year-end is the optimal time for firms to conduct internal assessments of their compliance program to be ready for the annual review and to set the stage for a successful 2024.
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