Roundtable Report: Creating a Superior Compliance Operation
Post Roundtable Report: Creating a Superior Compliance Operation
The latest ISITC Europe roundtable entitled ‘Creating a Superior Compliance Operation’ hosted by Tori Global continued the discussions from the previous ones in our Compliance Forum series. We invited a cross section of firms and practitioners across the various compliance disciplines within financial services firms. This combination ensured the discussion covered a broad church of topics and a wide range of views based on different experiences and knowledge.
All our roundtables are conducted under Chatham House Rule to allow people attending to talk freely and ensure the topics are presented from a personal knowledge and experience and not corporate policy.
This post roundtable report summary details the roundtable discussion and areas that the Forum felt were important, in preparing for the many changes coming to capital markets. It also includes recommendations that will be discussed in future roundtables.
- Topics included AI and regulatory impacts and where and how to prepare. The need for all firms to undertake an AI audit and produce a corporate policy concerning AI that comes into the need for Corporate Governance.
- The development in the market of tokenised assets and whether existing UK regulations are suitable.
- The regulatory landscape between the UK and EU and on a wider global scale was discussed.
- Accelerated settlement of transactions in T+1 and T+0 were a key talking point and the pressures of operating real-time processing in essentially a batch processing industry.
As with previous roundtables the group felt that the FCA needs to be more prescriptive in their requirements, to enable firms to comply. However, not to lose the basis of principals-based regulation, but rather a half-way house. With the many changes that will shape capital markets in the future, it was discussed that the FCA should be a key component of developing a strong resilient and efficient capital market for Issuers and investors.
Future Compliance Forum roundtables will continue the discussion, and topics already raised will be expanded. Further topics anticipated for future roundtables may include: the Consolidated Tape, changing market structure and managing new technologies. New business and new financial products and the need for international collaboration will feature regularly. Click here to view report
Leave a Reply
You must be logged in to post a comment.