EFFECTIVE COMPLIANCE V REGULATORY GESTATION
| Published date | 01 March 1993 |
| DOI | https://doi.org/10.1108/eb024789 |
| Pages | 11-21 |
| Date | 01 March 1993 |
| Author | GARY HAGLAND AMSI MIMgt |
| Subject Matter | Accounting & finance |
EFFECTIVE COMPLIANCE V REGULATORY GESTATION
Received: 18th October, 1993
GARY HAGLAND AMSI
MIMgt
GARY HAGLAND
ENTERED THE THEN FLEDGLING AREA OF
COMPLIANCE IN 1985 AFTER LEAVING THE
ROYAL HONG KONG POLICE FORCE WHERE HE
HAD SERVED IN CRIMINAL INTELLIGENCE FOR
SOME SIX YEARS, MONITORING CHINESE
ORGANISED CRIME ACTIVITIES AND
ASSOCIATED MONEY-LAUNDERING
TECHNIQUES. HE JOINED THE STOCK
EXCHANGE SURVEILLANCE DIVISION
INVESTIGATING INSIDER DEALING AND
ASSISTED IN THE DEVELOPMENT OF THEIR
INTELLIGENCE DATABASE. IN 1987 HE JOINED
MERRILL LYNCH EUROPE/MIDDLE EAST AS
THEIR OPERATIONS CONTROLLER, BEFORE
WORKING WITH ALLIED PROVINCIAL
SECURITIES WHERE HE SERVED AS THEIR
DEPUTY GROUP COMPLIANCE OFFICER FOR
FOUR YEARS UNTIL JOINTNG ALBERT E SHARP
& CO IN SEPTEMBER 1991 AS THEIR ASSOCIATE
DIRECTOR OF COMPLIANCE.
MR HAGLAND IS A MEMBER OF THE UNITED
KINGDOM ASSOCIATION OF COMPLIANCE
OFFICERS, THE BRITISH INSTITUTE OF
MANAGEMENT AND IS AN ASSOCIATE MEMBER
OF THE SECURITIES INSTITUTE. HE HAS
RECENTLY CONCLUDED A DIPLOMA COURSE IN
COMPLIANCE STUDIES WITH EXETER
UNIVERSITY, (THE FIRST POSTGRADUATE
QUALIFICATION OF ITS KIND IN THE COUNTRY
AND UNIQUE TO BOTH THE FINANCIAL
SERVICES INDUSTRY AND THE EVOLVING
COMPLIANCE PROFESSION), AND IS
CURRENTLY STUDYING FOR AN MBA.
ABSTRACT
After first examining what
compliance
is,
the paper
goes
on to
look
at
the demands of
regulators
on
compliance offices
and, in
particular, the different advice and
requirements
of
SROs.
The author
consi-
ders
the
lack
of
consistency shown by
regu-
lators over training and competence,
money market dealers and investigative
procedures,
as well as the
conflict between
fiduciary duties and regulatory rides,
before
concluding that SROs need to co-
ordinate their
approaches
if
the problems
caused
by
regulatory disharmony
are to be
overcome.
Firms and individuals authorised by
the Financial Services Act 1986
(FSA) to provide investment services
and advice do not need to be
reminded that they are players in a
riptide regulatory environment.
Since 1985 there have been no less
than seven acts of Parliament which
collectively have created a much
tighter across-the-board regime of
regulation about and within the
financial services industry, viz:
- The Company Securities (Insider
Dealing) Act 1985
- The Company Directors Disqualifi-
cation Act 1986
- The Insolvency Act 1986
- The Financial Services Act 1986
11
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