Documente Academic
Documente Profesional
Documente Cultură
1. Contributes to the fulfillment of one or more of the core objectives of financial services
regulation.
2. Maintains an open market that can be participated in by the widest range of appropriate
participants with no unnecessary barriers to entry and exit and
3. Provides an equal regulatory burden on all participants that meet minimum criteria.
The legislature in many jurisdictions has the power to delegate or subordinate law making
powers to other agencies that may then make delegated or subordinate legislation often referred
to as secondary legislation. In the context of financial services, secondary legislation is
generally legislation that has been drafted by a regulatory body empowered to do so pursuant to
the primary law by which it is established.
1. They lay down rules or principles that determine who can conduct financial services
business
2. They authorise financial services businesses
3. They lay down the rules by which regulated financial services businesses must conduct
their business (both prudential and conduct of business rules)
4. They supervise compliance with the rules either through desk based supervision or onsite
inspections or a mixture of the two
5. They conduct investigations into suspected breaches of the rules sometimes in
conjunction with other law enforcement bodies
6. They enforce the rules
7. They co-operate and exchange information with other regulators
1. On site supervision entails visits by the staff of a regulator to the offices of a regulated entity,
with the objective of satisfying etc
2. Offsite desk based supervision requires regulated financial services businesses to provide
relevant information by means of supervisory returns normally prescribed within legislation
and or license conditions.
4. Conflicts of interest
5. Customer understanding and suitability
6. Customer dealings
7. Customer due diligence
8. Client assets and money
9. Breaches, errors and/or near misses.
1. Inspection
2. Investigation powers
3. Surveillance powers
4. The imposition of corrective or remedial action
5. The imposition of penalties