Training Courses

FSA Regulatory Workshop

Category: Regulation and Compliance

Course level: Introductory to Intermediate

In house

This 3-hour workshop provides a fast-track understanding of the Financial Services & Markets Act and FSA Handbook relating to investment firms. It will also explore the post-MiFID regulatory landscape.

The workshop is designed to give delegates an opportunity to discuss each area thoroughly. FSA documentation and the firm’s own documents and systems will be used to facilitate discussion.

Objectives

BY the end of the workshop, delegates will have a more complete understanding of:

  • the role of the FSA
  • FSA principles and powers
  • the structure of the FSA Handbook and key sourcebooks
  • the Approved Persons regime
  • Required Systems and Controls
  • how the FSA enforces the Money Laundering and Market Abuse regimes
  • the impact of MiFID

Length

3 hours

Course Content

The Financial Services & Markets Act 2000

Regulated activities
Designated investment business
Regulated investments

Role of the Financial Services Authority (FSA)

Regulatory objectives
Governance
Key principles
FSA powers, investigation, authorisation and enforcement

Structure of the FSA Handbook

Rules and guidance
Specialist sourcebooks

Market Abuse regime

What constitutes market abuse?
What are the penalties?
Safe harbours, the model code
Role of compliance and the HR function
Employee contracts
Training (enhance competence, develop the right mind set)
Record keeping requirements

Money Laundering regime
Proceeds of Crime Act 2002, Serious Organised Crimes Act 2005
Third Money Laundering Directive: UK implementation 2007
JMLSG Guidelines for Investment Firms
What are the offences?
What are the penalties?
Role of Compliance and the HR function
Employee contracts
Regular training (enhance competence, develop the right mindset)
Record keeping requirements

Approved Persons

What is an Approved Person?
Definition of roles
Fit and proper rules
FSA PS07/3&4: Changes to the regime
Employing new Approved Persons
Credit checks and other references
Hiring temporary staff
Contracts of employment
What happens when an Approved Person leaves a firm or changes roles?

Training & Competence regime

Who falls under the T&C regime and who is outside it?
Proposed changes to TC2 post-MiFID (CP 06/15)
How do individuals demonstrate competence?
What are the approved examinations?
Supervising staff
Documentation and record keeping

Senior managers’ responsibilities, Systems & Controls (SYSC)

What are a senior manager and a Controlled Function?
Role of the compliance oversight function
Role of internal audit, external auditors (changes under DP07/3)
Whistle blowing arrangements
What checks and balances are required – contracts of employment, personal insurance, etc.

Enforcement and disciplinary processes

Internal disciplinary procedures
FSA enforcement procedures
FSA investigatory powers
The tribunal process
Sanctions and penalties

This course would be suitable for:

  • Approved Person
  • HR and training
  • IT and software developers
  • Legal & Compliance

This course would be suitable for these exams:

  • IMC
  • SII Certificate - Financial Regulation
  • SII IAQ - FSA Regulatory Environment
Contact Us