What the Code of Conduct means for Legal and Compliance

This is a practical and highly interactive session for those working in Legal and Compliance who are subject to the FCA’s Code of Conduct.

The FCA has confirmed that its Code of Conduct applies to almost all employees working for FCA-only authorised firms, many of whom will not have been personally subject to FCA rules in the past – including lawyers and compliance professionals.

Those working in Legal and Compliance are in a unique position in relation to the Code of Conduct. Not only are you required to comply with the Code of Conduct, but you will most likely have responsibilities for assessing the conduct of others in relation to the Code of Conduct as well.

In this session, members of Allen & Overy’s employment and regulatory teams will look at what the FCA Code of Conduct means for lawyers and compliance professional and what people performing these roles need to do in order to prepare themselves for the application of the Code of Conduct. A number of case studies will also be covered in this session in order to bring to life the Code of Conduct for attendees, and how it may apply to their everyday roles and responsibilities.

KEY LEARNING OBJECTIVES:

• Understand both the basic framework of and detail of the Code of Conduct.
• Discuss what key provisions of the Code of Conduct will mean for Legal and Compliance, both in terms of their own compliance and their assessment of how others have complied with the Code of Conduct.
• Consider how those in Legal and Compliance will need to adapt in order to ensure compliance with the Code of Conduct, and demonstrate that compliance in practice.
• Undertake case study scenarios to explore key areas where the Code of Conduct may be particularly relevant to those working in Legal and Compliance.
• Explore implications for the Code of Conduct on legal privilege, for those working in Legal.

This course is aimed at those working in Legal (including Employment Legal) and Compliance departments within Investment Management firms.

The FCA has confirmed that all employees of FCA-only authorised firms (including all those working in Legal and Compliance) will be required to understand and comply with the Code of Conduct.

09:30 An introduction to the FCA Code of Conduct

• Introductions
• Learning objectives
• What is the Code of Conduct?
• To what activities will the Code of Conduct apply and when?
• Introducing the unique dual position of Legal and Compliance in relation to the Code of Conduct

10:00 Conduct Rules 1 (integrity) and 2 (due skill, care and diligence)

• The meaning of Conduct Rule 1 (integrity)
• Examples of Conduct Rule 1 (integrity) applying in practice
• The meaning of Conduct Rule 2 (due skill, care and diligence
• Examples of Conduct Rule 2 (due skill, care and diligence)

10:30 Conduct Rules 4 (treating customers fairly) and 5 (proper standards of market conduct)

• The meaning of Conduct Rule 4 (treating customers fairly)
• Examples of Conduct Rule 4 (treating customers fairly) applying in practice
• The meaning of Conduct Rule 5 (proper standards of market conduct)
• Examples of Conduct Rule 5 (proper standards of market conduct) applying in practice

11:00 Tea/Coffee Break

11:30 Conduct Rule 3 (being open and co-operative with the FCA)

• The meaning of Conduct Rule 3 (being open and co-operative with the FCA)
• Specific points for Legal and Compliance to be aware of in relation to Conduct Rule 3, including in relation to regulatory notifications
• Examples of Conduct Rule 3 (being open and co-operative with the FCA) applying in practice

12:00 Assessing the conduct of others against the Code of Conduct

• Key practical pointers in relation to assessing the conduct of others against the Code of Conduct
• An overview of FCA notification requirements relating to the Code of Conduct

12:15 Enforcement appetite

• An overview of Allen & Overy’s observations as to the FCA’s appetite to bring enforcement action against individuals under the Code of Conduct

12:30 Summary

12:45 Close and Networking Lunch

• A sandwich lunch will be provided and an opportunity for you to network with the trainer and other delegates

IA Member £375.00 +VAT
Non-Member £450.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

Any cancellation must be made in writing. For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable. No refund is given for a cancellation made 14 days or less prior to the commencement of a course. Transferring from one course to another is treated as a cancellation. You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.

Sarah Henchoz

Sarah is a Partner in Allen & Overy’s Employment practice. She leads Allen & Overy’s Senior Managers and Certification Regime (SM&CR) Working Group from an employment perspective. She advised a number of banks and building societies in relation to the implementation of the SM&CR, and is already instructed by a number of FCA-only authorised firms to provide advice in relation to their implementation projects. She has been involved both in SM&CR mapping and scoping exercises for financial institutions, as well as providing more detailed advice on employment issues arising from a variety of implementation and post-implementation challenges.

Working in conjunction with Allen & Overy’s regulatory team, Sarah has delivered a number of training sessions on the SM&CR issues. Sarah has also contributed to our market-leading publications on the SM&CR.

Sarah Hitchins

Sarah is a Senior Associate in our Banking, Finance and Regulatory Litigation Group. Sarah specialises in representing firms and individuals involved in financial services regulatory investigations and enforcement action in relation to a broad variety of wholesale, retail and financial crime issues. Sarah also advises financial institutions on a range of non-contentious issues, including compliance obligations and senior management accountability arrangements.

Sarah is a member of our Senior Managers and Certification Regime (SM&CR) Working Group and advised a number of banks and building societies in relation to the implementation of the SM&CR, as well as the litigation and regulatory enforcement risks associated with it. Sarah has also been advising a number of firms in relation to issues arising in relation to the new Regime post-implementation, such as fitness and propriety assessments, disciplinary processes and how the regulators may expect firms to operate the new Regime in practice. Sarah has also already been instructed by a number of FCA-only authorised firms to advise them in relation to their SM&CR implementation plans.

Sarah is the co-author of Allen & Overy’s market-leading publications on the SM&CR, and regularly speaks at client and industry-wide events on the SM&CR.

Sarah has completed a secondment to the Enforcement Division of the FSA (as it then was). In 2015, Sarah was selected by Global Investigations Review (GIR) as one of the top 100 women in investigations.