The FSA sees "Intensive Supervision" as the best way to deliver the required financial regulatory outcomes for society. This conference will analyse how the FSA's new approach will affect regulated firms.
Jon Pain, Managing Director, Supervision, Financial Services Authority will be the Keynote Speaker.
His address will explain what the FSA means by intensive supervision and give details about what it hopes to achieve by this change in its regulatory approach.
Late last year Hector Sants, Chief Executive, FSA said that the "FSA has moved firmly into the realm of making 'judgements on judgements'."
He went on to say "In the past, the FSA was primarily reactive, only making interventions on readily observable facts and adhering to the view that it should leave management to make its own decisions. Intensive supervision, in contrast, focuses on the risks inherent in a firm's business model and enables us to be proactive and not reactive to the management of these risks." He acknowledged that the new approach would be controversial as the FSA's view and that of the firm being supervised would not always coincide.
This conference is designed to shed light on this more rigorous regulatory regime.
Chairmen
Morning: Carlos Conceicao, Partner, Clifford Chance LLP
Afternoon: Jonathan Herbst, Partner, Norton Rose LLP
Keynote speaker:
Jon Pain, Managing Director, Supervision, Financial Services Authority
Industry speakers:
Ross Barrett, Director, Capital Markets, BBA
Patrick Buckingham, Partner, Herbert Smith LLP
Michael Fridrich, Legal and Policy Affairs Officer, Securities, Internal Markets Directorate, European Commission
Angela Hayes, Partner,Mayer Brown International
Diane Hilleard, Managing Director, AFME
Simon Morris, Partner, CMS Cameron McKenna
Pat Newberry, Partner, Chairman of the UK Financial Services Regulatory Practice, PricewaterhouseCoopers
Bob Penn, Partner, Allen & Overy
Timothy Spangler, Partner, Kaye Scholer
Peter Vipond, Director of Financial Regulation and Taxation, Association of British Insurers
Morning Chairman
Carlos Conceicao, Partner, Clifford Chance LLP
08:30 Coffee and registration
09:10 Chairman's opening remarks
09:15 Keynote address - What does the FSA mean by intensive supervision and what does it hope to achieve?
Jon Pain, Managing Director, Supervision, Financial Services Authority
09:50 Impacts of the new European supervisory architecture on the supervisory process
- ESMA, EBA, EIOPA and the ESRB - their effect on the supervisory process
- Cooperation between supervisors and ESAs role in colleges
- ESAs competence to settle disputes between national supervisory authorities
- Competence of supervisory authorities for day to day supervision and ESAs limited powers towards firms
- Possible area for direct supervision: Credit Rating Agencies
Michael Fridrich, Legal and Policy Affairs Officer, Securities, Internal Markets Directorate, European Commission
10:25 The FSA's enhanced enforcement powers - implications for firms
- Use of "enforcement" tools to achieve supervisory goals -what can the FSA really achieve?
- An enforcement led regulator? How does this sit on a European stage?
- Disciplinary action against senior managers for competence failings
- FSA enhanced enforcement penalties in a compliance breach context
Angela Hayes, Partner, Mayer Brown International LLP
11:05 Morning coffee
11:20 Implications of the new intensive supervisory approach for senior management
- Extension of the scope of the approved persons regime
- Changes to the approval process
- Potential liability when things go wrong
Patrick Buckingham, Partner, Herbert Smith LLP
12:00 Preparing for arrow visits in the new era - what to expect
- What is FSA's focus on Arrow visits?
- Who is it interviewing - and what is it asking?
- How best to prepare for an Arrow visit
- How to measure success - and outcomes to avoid
Simon Morris, Partner, CMS Cameron McKenna LLP
12:40 Lunch
Afternoon Chairman
Jonathan Herbst, Partner, Norton Rose LLP
13:55 Arguing the case for your business model/plan - key points to bear in mind
- Justifying your assumptions
- Building the modelStress testing the model and plan
- Gaining alignment
- Presenting the story
Pat Newberry, Partner, Chairman of the UK Financial Services Regulatory Practice, PricewaterhouseCoopers LLP
14:30 The broader legal obstacles to 'Living Wills' in an insolvency environment
- Mapping the living will concept to the business
- Interrelationship between living will and applicable insolvency/resolution regime(s)
- Considering structural change
Bob Penn, Partner, Allen & Overy LLP
15:05 Afternoon tea
15:20 The banking industry's perspective
Ross Barrett, Director, Capital Markets, BBA
Diane Hilleard, Managing Director, AFME
16:00 Beyond banks: implications for insurance firms and hedge funds
Timothy Spangler, Partner, Kaye Scholer LLP
Peter Vipond, Director of Financial Regulation and Taxation, Association of British Insurers
16:40 Chairman's summary and close
£495
$745
€550 
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