Essential Strategies for Financial Services Compliance, 2nd Edition

Chapter 6Regulators and Other Industry Bodies

When mapping your regulatory universe you will have identified the regulators and other organizations and agencies that form part of the environment within which your firm operates. Obviously, it is vital to have a really detailed knowledge of those organizations that have true rule-making power and the ability to get you into trouble if things go wrong. But the successful Compliance Officers do not stop there. They understand the value of getting to know all the industry bodies that are linked to the type of business in which they and their firms are involved and which include:

• government departments – national and international;
• central banks;
• trade associations;
• international organizations;
• exchanges and clearing houses, on which more guidance is provided below;
• law enforcement bodies;
• informal unions of financial services firms who take a joint stance in a particular area; and
• consumer groups.

And don't forget the press, which is very powerful when voicing opinions and influencing thought and strategy in areas of interest to it. Several types of non-regulatory industry bodies are listed above and these are of relevance for many reasons:

• They may help to shape regulatory policy by lobbying the regulators or the government (perhaps you feel strongly about an issue and want to get involved).
• They may set best practice standards that are adopted by firms in your field of business (you do not want to be left behind). This is becoming ...