Q1. What are the key differences between rule based and principles-based approaches to financial regulation?
Q2. How do regulators implement their regulatory objectives?
Q3. Contrast between different regulatory approaches to supervision: Risk based, Rules based and Thematic.
Q4. What are the regulatory challenges faced by firms that conduct business across multiple jurisdictions – how to meet the expectations of multiple regulators.
Q5. What are the fundamental systems and controls necessary for firms to conduct its business?
Q6. What resources does the compliance function need to be effective?
Q7. What compliance responsibilities to the board of directors and senior management have at the firm?
Q8. What is the relationship between the compliance function and other departments of the firm? Who is responsible for ensuring that individual employees comply – department heads or compliance officers?
Q9. What is the responsibility of the compliance function in relation to education and training?
Q10. What relationship should the compliance function have with regulators? Regular reports, requests for information, regulatory breaches.
Q11. What do you see as the role of a compliance officer? And how do you see that changing in the foreseeable future?
Q12. Some people are worried about the overlap between the PRA and the FCA. And others are worried about gaps developing due to underlap. To what extent are these fears justified?