Please use The Bahamas as the sector and jurisdiction.
Answer all the questions.
Question 1
You are a senior compliance manager, working in a regulated firm in a sector and jurisdiction of your choice. (The Bahamas)
A.) Describe and explain how and why any regulated firm should develop and maintain a successful relationship with its regulator. 15 marks
B.) Describe how, as a senior compliance manager in a regulated firm, you would prepare for and manage an upcoming scheduled regulatory inspection visit. In your answer, you should explain, with the help of practical examples, the possible consequences for the
firm if this visit was not managed effectively. 25 marks
In your firm, the manager of the product distribution team has just made you aware of a significant issue relating to the product information that the firm has been sending to new, and
to potential new, customers over the past 12 month period. This issue relates to one of the
firm’s most popular and successful products and indicates that the information that has been
provided may have been unclear and misleading, leading to a substantial risk of products
being mis-sold.
It has been identified that a significant number of customers are affected, and you have also
noted from the information you have been given, that regular monitoring reviews of the
contents of advertising materials have not been completed by any of the assurance functions
(including the compliance function) as part of ongoing routine monitoring activities, for at least
12 months.
C.) In view of the fact that a regular monitoring inspection visit by the regulator is scheduled
very soon, you decide that urgent action is now required, and you need to produce a
report for your Head of Compliance that outlines the actions that you, as a senior
compliance manager, think are needed now.
The report should cover:
• Whether the findings relating to the product promotional materials should be reported, and if so, who they should be reported to.
• If any further information is required regarding the incident, and if so, how it should be obtained.
•What remedial actions should be taken, when, and by whom, and how a recurrence of
the situation can be prevented.
Produce the report, noting the audience, and include clear explanations and relevant examples
or evidence to support your arguments and recommendations. 60 marks
Total 100 marks
