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  • 1.

    What national authorities regulate the provision of financial products and services?

  • 2.

    What activities does each national financial services authority regulate?

  • 3.

    What products does each national financial services authority regulate?

  • 4.

    What is the registration or authorisation regime applicable to financial services firms and authorised individuals associated with those firms? When is registration or authorisation necessary, and how is it effected?

  • 5.

    What statute or other legal basis is the source of each regulatory authority’s jurisdiction?

  • 6.

    What principal laws and financial service authority rules apply to the activities of financial services firms and their associated persons?

  • 7.

    What are the main areas of regulation for each type of regulated financial services provider and product?

  • 8.

    What additional requirements apply to financial services firms and authorised persons, such as those imposed by self-regulatory bodies, designated professional bodies or other financial services organisations?

  • 9.

    What powers do national financial services authorities have to examine and investigate compliance? What enforcement powers do they have for compliance breaches? How is compliance examined and enforced in practice?

  • 10.

    What are the powers of national financial services authorities to discipline or punish infractions? Which other bodies are responsible for criminal enforcement relating to compliance violations?

  • 11.

    What tribunals adjudicate criminal and civil financial services infractions?

  • 12.

    What are typical sanctions imposed against firms and individuals for violations? Are settlements common?

  • 13.

    What requirements exist concerning the nature and content of compliance and supervisory programmes for each type of regulated entity?

  • 14.

    How important are gatekeepers in the regulatory structure?

  • 15.

    What are the duties of directors, and what standard of care applies to the boards of directors of financial services firms?

  • 16.

    When are directors typically held individually accountable for the activities of financial services firms?

  • 17.

    Do private rights of action apply to violations of national financial services authority rules and regulations?

  • 18.

    What is the standard of care that applies to each type of financial services firm and authorised person when dealing with retail customers?

  • 19.

    Does the standard of care differ based on the sophistication of the customer or counterparty?

  • 20.

    How are rules that affect the financial services industry adopted? Is there a consultation process?

  • 21.

    How do national financial services authorities approach cross-border issues?

  • 22.

    What role does international standard-setting play in the rules and standards implemented in your jurisdiction?

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