| 12 Qualities of a highly effective Regulator. | | | | the approval. Think also in terms of the impact |
| | | | | the approval would have on your clients, whether |
| 1. Open and accessible – always available to | | | | they would be adversely affected by the |
| have high level discussions of issues and proposals. | | | | application. Would the approval affect your capital |
| | | | | requirements and resources? Will it expose your |
| 1. Competent and efficient with good internal | | | | firm to additional risk such as operational, market |
| control systems of operation. | | | | and credit risk? |
| | | | | |
| 1. Acts swiftly without bureaucracy and red tape. | | | | Submit the application preferably by courier |
| | | | | ensuring that all enclosures are intact and |
| 1. Writes legislation rather than merely implement | | | | payment by cheque where required is enclosed. |
| legislation written by government. | | | | Make it easy for the documentation to be |
| | | | | perused. |
| 1. Reasonably strict and not a push over. | | | | |
| | | | | Once the application has been submitted, you |
| 1. Proactive rather than reactive. | | | | would have a case officer in the regulator who |
| | | | | would be assigned to look at your application. |
| 1. Pragmatic and practical. | | | | The case officer may also be required to prepare |
| | | | | a case or recommendation paper to a committee |
| 1. Satisfies business needs, puts in place legislation | | | | or group of senior officials to decide whether or |
| and regulation that is in line with business needs. | | | | not the application should be granted. The case |
| | | | | officer would do the bulk of the work, so when |
| 1. Takes care of the expectation of consumers. | | | | the case officer contacts you to acknowledge |
| | | | | receipt of your application or to request further |
| 1. Self-funded and not over reliant on government | | | | details, this is a golden opportunity to establish and |
| funding. | | | | nurture the relationship, spend extra time with the |
| | | | | officer to ensure that they understand the |
| 1. Accountable to people, to government and | | | | importance of the application to your business. |
| capable of being sued for its actions. | | | | |
| | | | | You won’t get what you don’t ask for |
| 1. Transparent in the way regulation is written. | | | | so if you want the application processed in a |
| | | | | particular way or within a set time scale, ask, |
| | | | | even if it may seem unachievable. There may |
| Obtaining regulatory approvals for your firm’s | | | | be time sensitivity or time criticalness issues or |
| proposals | | | | you may want to launch a product within certain |
| | | | | period, make it known if the matter is urgent. |
| You may need to apply to the regulator for | | | | The case officer would do the leg work on your |
| approval such as product approvals, scheme | | | | behalf, be direct and make sure there is no room |
| approval, concession or rule waiver, additional | | | | for misinterpretation or ambiguity with respect to |
| permission/licence etc. | | | | your requirements. It is important to remain |
| | | | | courteous and friendly yet professional. |
| You should first prepare and lay out exactly what | | | | |
| you want from the approval and how it would | | | | Contact your case officer frequently for an |
| benefit your business. Then prepare a project | | | | update on your application. Don’t just assume |
| schedule of steps to be taken and time scale for | | | | that all in on course. If you are asked for |
| achieving your objective. | | | | additional information to buttress your case, think |
| | | | | carefully about how to respond. Highlight why the |
| Arrange to meet your advisers such as | | | | application will help your business and how it would |
| compliance consultants, lawyers and accountants | | | | benefit your clients and what burden your |
| and get their input on what should be included in | | | | company would face if the application is rejected. |
| your application. | | | | Be clear and succinct about how the application |
| | | | | fits in to your firm’s business strategy. State |
| Gather all the required documentations such as | | | | also how you have considered and prepared |
| operational manuals, product prospectus, financials, | | | | against any potential risk to your business. |
| business plan etc. Where necessary update the | | | | Respond in a timely manner to request for |
| documents with any changes that have recently | | | | additional details and chase to find out if what you |
| occurred in the business, industry or legislation. | | | | sent has addressed any concerns and whether |
| | | | | any additional details is required. |
| Your application should address issues such as | | | | |
| systems and control, risk management, business | | | | When the approval is issued verbally, thank the |
| strategy, financial strategy, governance, customer | | | | regulator and await written response as soon as |
| issues. Be mindful not to oversupply information | | | | possible and acknowledge receipt of the decision |
| that would cause deviation from your objective in | | | | and thank them for their prompt attention to |
| the application. Try to anticipate questions that | | | | your matter. Give written feedback if required |
| the regulator would ask and why you should have | | | | concerning the level of service, you received. |