Compliance: Theory and Practice in the Financial Services Industry

Course Outline

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1. Licensing

   Outline
   What is a Financial Product?
   What is a Financial Service?
   When is a Financial Services Licence Needed?
   Licence Conditions
   The General Obligations of a Licence Holder
   Authorised Representatives
   Liability for Conduct of Representatives
   Miscellaneous Licensing Related Matters

2. The Role of Compliance

   Outline
   What is "Compliance"?
   The Difference between Compliance, Legal and Internal Audit
   The Justification for a Compliance Function
   International Standard ISO 19600-2014
   Regulatory Pronouncements on Compliance Systems
   Judicial Pronouncements on Compliance Systems
   The Desirable Features Of A Financial Services Compliance System
   A Sample Financial Services Compliance Mission Statement
   A Sample List of Financial Services Compliance Policies
   Dealings with Regulators

3. Insider Trading and Chinese Walls

   Outline
   The Insider Trading Prohibitions
   The Chinese Wall Defence
   Other Exceptions and Defences
   ASX Market Integrity Rules
   The Position in the US
   Front Running
   Continuous Disclosure Rules
   Issues for Discussion

4. Market Conduct Rules

   Outline
   Market Manipulation and Related Misconduct
   Order Record Requirements
   Order Precedence and Allocation Rules
   Dealing with Clients as Principal
   Dealings for or with Employees
   Short Selling

5. Shareholding Restrictions

   Outline
   Corporations Act
     Relevant Interests
     Associates
     Takeover Restrictions
     Substantial Holding Notices
     Tracing Notices
   Foreign Acquisitions and Takeovers Act
     Overview
     Substantial Interests
     Associates
     Compulsory Notification
     Prohibition/Divestiture Powers
   Other Legislation
   System Issues

6. Competition and Consumer Law

   Outline
   Basic CCA Concepts
   Anti-competitive Behaviour
   Misleading and Deceptive Conduct
   Unlawful Trading Practices
   Unconscionable Conduct
   Unfair Contracts
   Implied Consumer Warranties
   Compliance Programs

7. Combating Crime

   Outline
   Anti-Money Laundering and Counter-Terrorism Financing
     ML-TF Crimes
     The AML-CTF Framework
     Core Definitions
     Enrolment and Registration Requirements
     Compliance Programs
     KYC Obligations
     Reporting Obligations
     Correspondent Banking Obligations
     Record Keeping Obligations
     Enforcement
   Proceeds of Crime Act
   Bribery and Corruption
   Compliance Ramifications

8. Retail Customer Obligations and Marketing Financial Products

A. Retail Customer Obligations

   Outline
   Retail vs Wholesale Customers
   Personal vs General Advice
   Financial Services Guides
   Statements of Advice
   Acting in the Client's Best Interests
   Conflicted Remuneration
   Ongoing Fee Requirements
   Warning Obligations
   Dispute Resolution Systems
   Compensation Arrangements
   Consequences of Breach

B. Marketing Financial Products

   Outline
   Overview of Marketing Regime
   Securities Disclosure Documents
   Product Disclosure Statements
   Confirmations
   Advertising Restrictions
   Hawking Financial Products
   Unsolicited Off-market Offers

9. Miscellaneous Compliance Issues

   Outline
   Client Money/Property
     Money Other Than Loans
     Loans
     Other Property
     Reporting Obligations
     Subscription Money
   Privacy
   Fiduciary Duties
   Conflicts of Interest
   Confidentiality
   Telephone Taping
   When Things Go Wrong
     Escalation Procedures
     Control Logs
     Investigations
     HR Issues
     Self-Reporting Obligations

10. Managed Investments

   Outline
   Definitions
   Registration of Schemes
   Licensing and Disclosure Requirements
   Responsible Entities
   Scheme Constitutions
   Compliance Plans
   Compliance Committees
   Statutory Duties
   Related Party Transactions
   Civil Liability for Breach of Chapter 5C
   Common Law Duties
   Soft Dollar Arrangements
   Allocation Policy
   Inter-funding
   Cross Trading
   Authorised Investments
   Custodians
   Investor Directed Portfolio Services
   Managed Discretionary Accounts
   FSC Standards and Guidance Notes

11. Deposit Products, Non-Cash Payment Facilities, FHSA Products, Credit Facilities, Margin Lending and ASX Stockbroking

A. Deposit Products and Non-Cash Payment Facilities

   Outline
   Definitions
   Banking Act
   Financial Sector (Collection of Data) Act
   Licensing and Disclosure Requirements
   Relaxation of FSR Rules for Basic Deposit Products and Related Non-Cash Payment Facilities
   Industry Codes of Practice

B. FHSA Products

   Outline
   Definitions
   Licensing and Disclosure Requirements
   Relaxation of FSR Rules for Capital Guaranteed FHSA Products

C. Credit Facilities

   Outline
   Definitions
   Credit Activities Covered by the NCCPA
   Australian Credit Licences
   Credit Guides
   Responsible Lending Obligations
   Fees and Charges for Credit Assistance
   National Credit Code Obligations
   Other NCCPA Requirements

D. Margin Lending

   Outline
   Definitions
   Licensing and Disclosure Requirements
   Responsible Lending Obligations
   Margin Call Obligations
   Reporting Obligations

E. ASX Stockbroking

   Outline
   Introduction
   Admission and Accreditation
   General Obligations of Participants
   Client Documentation
   Client Trust Accounts
   Trading Rules
   Best Execution
   Confirmations
   Managed Discretionary Accounts
   Error Trades
   Complaint Registers

12. Derivatives, Warrants, ASX 24 Futures Broking, FX and Financial Planning

A. Derivatives

   Outline
   Definitions
   Licensing and Disclosure Requirements
   Confirmations

B. Warrants

   Outline
   Definitions
   Licensing and Disclosure Requirements
   Confirmations
   ASX Operating Rules

C. ASX 24 Futures Broking

   Outline
   Introduction
   Admission and Accreditation
   General Obligations of Participants
   Client Documentation
   Client Segregated Accounts
   Trading Rules
   Confirmations
   Margin Calls
   Error Trades

D. Foreign Exchange

   Outline
   Definitions
   Licensing

E. Financial Planning

   Outline
   Licensing and Disclosure Requirements
   Training Requirements
   The Financial Planning Association
   General Compliance Concerns

13. Insurance, Superannuation and RSAs

   Outline
   Definitions
   Overview of Insurance Act 1973
   Overview of Life Insurance Act 1995
   Overview of Insurance Contracts Act 1984
   Overview of Superannuation Industry (Supervision) Act 1993
   Overview of Retirement Savings Account Act 1997
   Marketing Insurance and Superannuation Products
   Insurance Agents and Brokers
   Insurance Premiums
   Industry Codes of Practice
   The Superannuation Complaints Tribunal

 


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