LawInContext Cross-Border Conduct/Compliance Training (Financial Services)

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Information about LawInContext Cross-Border Conduct/Compliance Training (Financial Services)
Finance

Published on March 3, 2014

Author: Apxxx

Source: slideshare.net

Description

In today’s global economy, many financial institutions are keen to consider various strategies to facilitate
cross-border retail marketing and sales of their financial products and services, particularly in promising new
markets. However, in doing so, financial institutions are well advised to ensure that their cross-border activities
are conducted in a compliant manner, prior to launching into such activities.
Financial services regulators around the world are increasingly proactive in regulating the cross-border
marketing and distribution activities of global financial institutions, thereby making it ever more critical for
companies to ensure that their employees are properly trained on the “do’s and don’ts” of their cross-border
marketing and sales activities. It also is critical that financial institutions put in place cross-border compliance
“checklists” for employees to review before proceeding with their activities into various markets and which, if
designed strategically and regularly updated, can also serve as an internal resource in support of ongoing
training and monitoring of their cross-border conduct.
Failure to do so raises risk of severe fines or penalties for the institution and / or the individual, highlighting the
need for compliance training and ongoing monitoring.
LawInContext has designed a comprehensive Cross-border Conduct E-learning Program to efficiently train
and test client advisors and other financial institution personnel on key cross-border conduct issues from a
global perspective (with integration of European Union focused content). This program offers to institutions a
cost-efficient and effective means for training employees either on a stand-alone basis or as part of a blended
learning solution.

Cross Border Conduct Cross-border Retail Financial Services Compliance LawInContext Pte. Ltd., the online legal information and training venture of Baker & McKenzie, provides a suite of corporate compliance e-learning programs and multi-country knowledge resources to help meet compliance training and reporting needs of multinationals in an increasingly regulated world. The Cross Border Conduct E-learning Program provides to financial institutions a comprehensive and highly customizable compliance training program, allowing financial institutions to navigate the increasing regulation of cross-border retail financial services activities. ”Fulfilling current and future compliance and regulatory requirements is one of the biggest challenges for Wealth Managers Globally” 1 Why Cross Border Conduct E-learning In today’s global economy, many financial institutions are keen to consider various strategies to facilitate cross-border retail marketing and sales of their financial products and services, particularly in promising new markets. However, in doing so, financial institutions are well advised to ensure that their cross-border activities are conducted in a compliant manner, prior to launching into such activities. Financial services regulators around the world are increasingly proactive in regulating the cross-border marketing and distribution activities of global financial institutions, thereby making it ever more critical for companies to ensure that their employees are properly trained on the “do’s and don’ts” of their cross-border marketing and sales activities. It also is critical that financial institutions put in place cross-border compliance “checklists” for employees to review before proceeding with their activities into various markets and which, if designed strategically and regularly updated, can also serve as an internal resource in support of ongoing training and monitoring of their cross-border conduct. Failure to do so raises risk of severe fines or penalties for the institution and / or the individual, highlighting the need for compliance training and ongoing monitoring. LawInContext has designed a comprehensive Cross-border Conduct E-learning Program to efficiently train and test client advisors and other financial institution personnel on key cross-border conduct issues from a global perspective (with integration of European Union focused content). This program offers to institutions a cost-efficient and effective means for training employees either on a stand-alone basis or as part of a blended learning solution. 1: WealthBriefing Survey 2013 - Technology and Operations Trends in the Wealth Management Industry LawInContext is the online legal information and training venture of Baker & McKenzie and is neither a law firm nor authorized to practice law. No attorney-client relationship will be formed or deemed to be formed with Baker & McKenzie or contributing law firms through the use of LawInContext’s legal information, training & services. This may qualify as “Attorney Advertising” in some jurisdictions. For full disclaimer visit www.lawincontext.com. Copyright © 2002-2014, LawInContext Pte. Ltd.

Training and Content A well-structured cross-border conduct training program should cover key topics such as: the fundamentals of regulatory regimes; financial products and services licensing, authorization and registration requirements; types of business organizations, such as subsidiary and branch operations, and how choice of business organization can impact the scope of permissible activities; what is and is not allowed where advertising and marketing, client prospecting, acquisition and post-acquisition activities are concerned; and, finally, fundamentals level understanding of key associated compliance considerations, including know-yourcustomer rules, suitability rules, data protection / data privacy considerations, the concept of a permanent establishment, and the importance of a cross-border Code of Conduct. The Cross-border Conduct E-learning program is authored by Baker & McKenzie financial services specialists David Freedman and Pierre Berger, and covers regulatory regimes for licensing or authorization requirements, registration requirements, subsidiary and branch operations, as well as practical “do’s and don’ts” regarding advertising and marketing techniques, client prospecting, acquisition and post-acquisition activities, rules relating to the presence of a branch or subsidiary, as well as additional compliance considerations, such as know your customer and suitability rules. The program, which is fully customizable, also features interactive exercises and case studies to ensure comprehension and application of the information to real world examples. Practical Do’s and Don’ts Checklists An additional knowledge and training resource that is complementary to the Cross-border Conduct e-learning program is LawInContext's cross-border conduct do's and don'ts checklists across over 60 jurisdictions around the world, which are fully customizable for integration in the e-learning program. These checklists cover: - Advertising, marketing and public activities Internet advertising Direct mail (electronic or otherwise) Cold calling Direct calling Product introductions Price quotes Accounts Account opening Customer Assessment Know Your Client (KYC) Forms Transfer of money - Market updates Servicing existing customers Use of electronic items Display of brochures Deposit maturity Investment advice Face-to-face meetings Involvement of local branch Relationship with intermediaries Legal requirement of permitted customers Activities conducted fully offshore Account closing Effective Learning and Additional Services An integrated part of the e-learning module is the e-testing facility, allowing for direct and efficient measurement of learning and training progress within a subscribing organization. LawInContext also offers invitation and reminder management, as well as comprehensive usage reporting services, for larger learning populations. Want to Know More? In order to construct the adequate solution for your specific business needs, or to arrange a free trial access to our online resources, please e-mail: info@lawincontext.com For more information about the online LawInContext multi-country knowledge resources and our suite of compliance e-learning programs, please consult www.lawincontext.com LawInContext is the online legal information and training venture of Baker & McKenzie and is neither a law firm nor authorized to practice law. No attorney-client relationship will be formed or deemed to be formed with Baker & McKenzie or contributing law firms through the use of LawInContext’s legal information, training & services. This may qualify as “Attorney Advertising” in some jurisdictions. For full disclaimer visit www.lawincontext.com. Copyright © 2002-2014, LawInContext Pte. Ltd.

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