Compliance
It is likely that all of the
players will have their own
Compliance function, although the
significant Compliance workload is
likely to be in the Management
Company. Even where the Management
Company has outsourced its duties
to Third Party Administrators, it
remains responsible for the
discharge of its duties and
therefore has a duty of oversight
in respect of that delegation.
Click here for more information on
the Compliance role.
There are
many different aspects to the
Compliance functions. Some of the
possible roles are as follows:
Technical specialists giving
regulatory advice to the business
Performing monitoring reviews
Reviewing financial promotions and
fund literature
Dealing with Approved Persons.
From
a UK funds perspective, the key sourcebooks to be
familiar with are:
The
Conduct of Business Sourcebook
The
CIS Sourcebook
The
New Collective Investment Scheme Sourcebook (COLL)
The
Customer Assets Sourcebook (CASS)
Interview Tip
Some of the recent and upcoming regulatory
developments which you may wish to ensure you are
familiar with include:
MIFID
The
EU Green Paper on Investment Funds
The
EC Consultation on Eligible Assets for Collective
Investment Schemes
UCITS Transitional Arrangements
UCITS III and the increased scope for derivatives
usage
Unbundling and Soft Commissions
The
Simplified Prospectus arrangements
The
new SORP
Pooling
Late
Trading, Market Timing and Fair Value Pricing
