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Culture, Mifid

Compliance culture – FCA paper and more

The UK’s Financial Conduct Authority has published this paper entitled “Transforming Culture in Financial Services”. It contains several essays from different parties on “good” culture in financial services organisations and how they relate to regulation and compliance.

On a related topic, this article on the FTSE Global Markets web site looks at moving beyond “Minimal Viable Compliance”in particular relating to MiFID II. In general, the article looks at how “minimum” compliance and “better” compliance may differ, in these specific cases. The type of culture in an organisation in relation to compliance often is reflected in how much further than minimum viable compliance the organisation will aspire to.

Last week’s ETRC Summit in London featured a “compliance culture” panel, which discussed the attitude of those in energy and commodities to regulation and compliance. Discussions included conduct risk, and also how the energy and commodities sector’s approach to compliance is maturing. We are seeing many organisations in the sector moving to the next stage in terms of attitude towards conduct as well as anti abuse policy and activity, and more holistic compliance with other requirements.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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