Compliance Officer Reports

Key Issues & Considerations

BVI Association of Compliance Officers

Presented by Simone E. Martin, MBA, FICA

Deputy Director, Fiduciary Services

BVI Financial Services Commission

Overview

• Components of the Compliance Officer Report• A section by section review.

• Useful considerations and other points.

• Concerns and Observations

Overview

• Beyond the Compliance Officer Report.

• What else should Compliance Officers be minded of?

• Conclusions

Components of the Compliance Officer Report

• A Compliance Officer Report should be submitted in the form and context of section 48 of the Code.

Section 48 of the Code provides that,

“The report submitted by the compliance officer shall at a minimum contain the following:

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Components of the Compliance Officer Report

Section 48(1)(a)

• the training register

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Components of the Compliance Officer Report

Section 48(1)(b)

• a list of any legislative breaches, along with the remedial action taken.

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Components of the Compliance Officer Report

Section 48(1)(c)

• total number of SARs filed

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Components of the Compliance Officer Report

Section 48(1)(d)

• a list of significant complaints made by customers

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Components of the Compliance Officer Report

Section 48(1)(e)

• significant breakdowns in the internal control structure

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Concerns / Observations

• Breaches reported and no comments on what remedial action is to be taken.

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Concerns / Observations

• Directors contradicting the Compliance Officer Report.

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Concerns / Observations

• Incorrect information, discrepancies and misinformation.

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Concerns / Observations

• Subjective comments and conclusions that are not supported by other filings and/or findings.

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Beyond the Compliance Officer Report

• Other statutory obligations.

• immediately reporting to the Commission any serious compliance breach

• maintenance of a Register of Compliance breaches

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Beyond the Compliance Officer Report

• Ensure the licensee meets its reporting obligations.

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Beyond the Compliance Officer Report

• Identify, measure and assess the compliance risks associated with the licensee’s business.

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Conclusions

• Take away points for Compliance Officers:-

• Ensure quality reports with relevant information

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Conclusions

• Obligations of a Compliance Officer extend far beyond the Compliance Officer Report.

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Conclusions

Questions / Comments

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