Addleshaw Goddard's Financial Regulation Group runs an annual training programme on key regulatory issues in financial services.
Although ideal for new joiners, the seminars are also a good opportunity for others in legal, compliance and business functions to refresh and update their regulatory knowledge and practice.
This year the programme will run from Summer 2016 with three sessions of one day each. The first will focus on providing an overview of the regulation of financial services. The second addresses the regulation of retail financial services, while the third looks more generally at the regulation of investment services and financial markets. A summary of the sessions is described below. They will be hosted from our London offices but will also be available by VC in our Leeds office.
This year, in addition to the first session, participants may chose to attend one or both of the second and third sessions. We are also keen to work with our clients to embed this programme into your in-house induction or L&D training programmes.
Places are limited so if you are registered to attend we ask that you make every effort to come. If you would like to know more or discuss enrolment, in the first instance, please email us.
- Day One - June 2016
- Introduction to regulation of financial services
This will give an overview of the financial services industry and the regulation governing it. It will include a brief history of UK regulation, the roles and responsibilities of both EU and UK authorities, as well as explaining the essential elements of the regulatory framework, while flagging up current trends and key themes. It will also consider the role of the in-house regulatory lawyer and how they can best support the business.
- Authorisation, supervision, enforcement and redress/remediation
This session covers the PRA / FCA’s approach to regulation, the requirements for authorisation, their supervisory models and enforcement tools. We will consider the enforcement process, redress and the approach to remediation.
- Individual accountability in financial services
This session examines individual accountability in financial services including the standards that individuals must meet and maintain to satisfy regulatory requirements. In addition to the approved persons regime it will cover, and contrast, the new senior managers and certification scheme which is due to be extended to most firms in 2018.
- Financial crime in financial services
This session will introduce the anti-money laundering, terrorist financing, and sanction obligations of financial services companies and their duties in connection with preventing financial crime. It includes a consideration of the Market Abuse Regime; regulatory expectations in connection with data security; and issues in managing internal investigations.
- Day Day Two - September 2016
- Financial promotions, advertisements and distribution of financial services products
This session will cover the application of financial promotions regime to various financial products (including consumer credit, mortgages and bank account products), with consideration of relevant exemptions. It will also consider the requirements of the Financial Services (Distance Marketing Regulations) 2004 and the FCA’s power to direct the removal of financial promotions.
- Consumer credit regulation
This session will cover the regulation of consumer credit, including the interplay between the Financial Services and Markets Act 2000 and the Consumer Credit Act 1974, CONC, and pre- and post-contractual requirements (including arrears).
- Payment services and BCOBS
This session will cover the regulation of payment services and bank accounts. It also encompasses an introduction to the regulation of e-money and innovative payment solutions, and looks ahead to the second Payment Services Directive and the implementation of Payment Accounts Regulations 2015.
- Regulation of mortgage contracts
This session will provide an overview of the regulation of residential mortgages under FSMA and MCOB. It will also look at the changes introduced by the new Mortgage Credit Directive and its impact on UK mortgage contracts.
- Day Three - November 2016
- Regulation of investments and investment services including the impact of MiFID II
This session will cover the regulation of investments, covering primarily regulatory issues that have particular application to financial services and investment. We will consider European directives and regulations such as MiFID/MiFiD II, and review key conduct of business rules including: best execution, inducements, conflicts of interest, client assets and suitability/appropriateness.
- Regulation of financial markets including the impact of MiFID II
This session will cover the secondary trading of financial instruments including trading venues (i.e. regulated markets, MTFs and OTFs), transparency and high frequency trading as well as the regime for trading and clearing derivatives. We will consider European directives and regulations such as MiFID and EMIR and new requirements under MiFiD II and MiFIR.
- Introduction to insurance law for distributors
This session will cover the regulatory as well as commercial issues for those distributing insurance products. It will include consideration of the Insurance Mediation Directive (formerly known as the Insurance Distribution Directive), and the impact of the FCA's remedies arising out of its General Insurance Add-Ons Market Study.
- Regulation of funds
This session will introduce the concept of collective investments, their marketing to the governance and regulation of authorised unit trusts, OIECs and alternative investment funds (including hedge funds). We will consider issues around investment mandates, transparency, inducements, fees and costs, valuations and passporting.