Risk Management and Regulatory Compliance风险管理与合规

1、Risk Management and Regulatory Compliance 风险管理与合规 Asia Pacific Finance and Development Center 亚太财经与发展中心 World Bank Institute 世界银行学院,Alex Vanderpol June 19, 2008,Compliance advises on compliance risk 合规对合规风险提出建议,Compliance risk is the risk of: legal or regulatory sanctions, material financial loss, o

2、r harm to reputation that a bank may suffer as a result of its failure to comply with relevant laws, regulations, principles and rules, standards and codes of conduct applicable to its activities, in letter and in spirit. 合规风险是指，由于未遵照适用于公司活动的相关法律、法规、原则、法则、行为规范与准则，公司可能会遭受法律或法规的制裁，物质上的财务损失，或者使声誉受损的风险。

3、,Provide advisory and objective support 提供咨询和客观支持,Align with the business and help provide independent view and advice on the execution of strategy and on case-specific issues 根据公司业务，提供有关战略执行和具体案例方面的独立观点和建议 Understand strategy and business and apply this understanding in its risk-based approach to e

4、nsure that proportionate measures are taken to compliance issues and risk 理解公司战略和业务，并将这一理解应用于基于风险的方法，以此确保对合规问题和合规风险已采取了适当的措施,Implement business specific laws and regulations 实施与业务相关的法律法规,Provide guidance and support on issues related to laws and regulations 对与法律法规相关的问题提供指导与支持 Monitor the execution o

5、f initiatives and ensure all activities are compliant with relevant policies and procedures 监控倡议的执行情况，确保所有活动都遵照相关政策和程序,Assist management in managing risk to the business 协助管理层管理业务风险,Assist Management in identifying, measuring and mitigating compliance related risk 协助管理层发现、测量并减少合规风险 Partner with the

6、business in monitoring level of risks to help achieve successful implementation of strategic initiatives 和业务一起监控风险水平，帮助公司成功实施战略倡议,Compliance provides a central role in monitoring delivery and minimising risk 合规在监控公司行为和使风险最小化上扮演着重要作用,Business is firstly responsible 业务部应负首要责任 Compliance is intended fo

7、r support 合规意在为公司运营提供支持,Who is responsible for Compliance 谁该负责合规工作？,Key Compliance Areas: 关键的合规领域：,III. Market Conduct 市场行为,I. Client Acceptance and Anti-Money Laundering Policy 客户接受度与反洗钱政策(CAAML),II. Dealing with Customers 与客户打交道,Client Acceptance and Anti-Money Laundering 客户接受度与反洗钱 Sanctions 制裁,Co

8、nflicts of Interest 利益冲突 Chinese Walls 中国墙 Market Abuse 市场滥用,IV. Other Compliance topics 其他合规话题,Personal Account Dealing Policy 个人账户处理政策 Gift Policy/ Bribery and Corruption 送礼政策/贿赂与腐败 Whistleblowing 揭发 When you need to Notify Compliance 何时需注意合规,Confidentiality 机密性 Communication more subjective 监测交易后

9、的活动以发现需要进一步分析的异常行为（交易发生后的观察与调查）；更主观,II. Dealing with Customers 与客户打交道,Confidentiality 机密性 Client Classification 客户分类 Suitability of Advice 建议的适宜性 Appropriateness 适当 Marketing Communication 营销沟通 Record Keeping 档案保管,Confidentiality 机密性,What information is confidential? 哪些信息是机密的？,All information relate

10、d to a bank that has not been made public (including internal memos, policies, credit applications, employee and supplier data) 所有与银行相关的未公开的信息（包括内部备忘录、政策、员工及供应商资料） All non-public information about existing and prospective clients 所有有关现有和潜在客户的非公开信息,Confidentiality and common sense 机密性与常识,Be careful w

11、ith confidential documents in public places (same applies to laptops) 公共场合注意机密文档的处理（同样适用于笔记本电脑） Be careful with conversations while in the presence of others (also on mobile phones) 有他人在场时（手机接听电话时）注意谈话内容的保密 Clear your desk at the end of your working day of any sensitive documents 工作日结束时注意清理桌面上的任何机密文

12、档 Never share your user-id and password with others 不要和他人共用你的用户名和密码,MiFID: Markets in Financial Instruments Directive: Stringent NEW rules imposed on all Financial Institutions dealing with Customers and Markets in all EEA countries (EU + Norway, Liechtenstein and Iceland) MiFID: 金融工具市场法规： -对所有EEA国家

13、（欧盟+挪威、列支敦士登、冰岛）中与客户和市场打交道的金融机构施加的严格的新规则,BIG BANG! 大爆炸！ November 2007 2007年11月 MiFID MiFID,MiFID highest impact areas for ABN AMRO MiFID对荷兰银行施加的最高影响领域,Client Classification: Determines the clients level of investment protection. 客户分类：决定投资保护的客户水平 Best Execution: Getting the client the best result whi

14、ch could be a combination of price/cost/speed of execution, etc 最佳执行：为客户获得最佳结果，可能是价格、成本、执行速度等的组合 Marketing and Communication: Must be clear, fair and not misleading. 营销与沟通：必须清楚、公正、不具误导性 Appropriateness: (Non advised Services) Making sure (by carefully recording) that the client understands the produ

15、cts and the related risks 适当性：（非咨询的服务）（通过仔细记录）确保客户明白产品及相关风险 Suitability: Advise the client what suits the clients best interests given their: 适宜性：向客户建议什么是最适合他们的最佳利益的，依据： Investment purpose 投资目的 Assets 资产 Income 收入 Risk appetite 风险喜好,MiFID Classification: What types of clients do we deal with? And wh

16、y is it important to classify them? MiFID分类：我们与哪些类型的客户打交道？为什么客户分类很重要,Size and experience 规模和经验,Level of Protection 保护水平,Large Companies 大公司,Small Companies 小公司,Regulated Firms 规管公司,Individuals 个人,Retail零售,Professional专业,Eligible counterparty 符合条件的对手,Terminology 术语,Suitability适宜度,Appropriateness合适度,N

17、on Advised Services 非咨询服务,Advisory Services 咨询服务,Does each transaction meet the clients objectives and risk profile? 每次交易都达到了客户的目标和风险概况了吗？,Does the client understand the risks of the products being sold? 客户明白出售的产品的风险吗？,Appropriateness Information required 合适度 信息必须的,Owed to Professional and Retail cl

18、ients 归功于专业和零售客户 Assess: 评估： Knowledge and experience 知识与经验 Can be assumed for professional clients but only in relation to those products/services or transactions for which we have classified them as professionals (unless you understand the risks). 可以推测专业客户的知识与经验，但是仅在有关产品/服务或者交易的方面,What if it is no

19、t appropriate and the client insists? 如果不合适而客户却坚持己见，怎么办？,Can you deal? 这个交易你能做吗？ Yes, so long as written warning is provided 可以，只要有书面警告,Suitability 适宜度,What is advice? 咨询建议是指？ Personal recommendation that is advice on investments (e.g. buy/sell/hold) 对投资的个人建议（如购买、抛售、持有） Presented as suitable for the

20、 person; or 适合于个人的，或者 Based on a consideration of the circumstances of the person 基于对个人请况的综合考虑的 Where the client can reasonably assume it is a recommendation 客户能将之当作建议的,Owed to all advisory clients 归功于所有咨询客户,Suitability of Advice 建议的适宜度,A bank may only give: 银行可能会给出： - investment advice to a client

21、or 投资建议，或者 - effect a discretionary investment transaction 影响任意的投资交易 when this is “suitable” given the clients needs and personal circumstances. 只在这些建议适合客户的需求和个人情况时 Suitability must be assessed based on: 适宜度需根据以下条件来评估： the information disclosed by the client, and/or 客户透露的信息，和/或 client information th

22、e bank reasonably should have been aware of. 银行应该注意到的客户信息 In case of non advice for a client, no suitability check needs to take place. 如果对客户没有做出任何建议，不需检查其适宜度,Suitability of Advice: Information from/to client 建议的适宜性：来自/给予客户的信息,Before the bank gives investment advice it must collect and retain suffic

23、ient information from the client on: 在银行给出投资建议前，必须从客户那里收集并保留足够的如下方面的信息： - his / its investment experience and knowledge of products and risks attached 投资经验和对产品及其风险的了解水平 - the investment objectives 投资目标 - the financial situation and personal circumstances 经济状况和个人情况 - the clients risk appetite 客户的风险喜好

24、 Also the client must be able to take an informed decision and therefore must be given sufficient information on: 客户还需能够做出明达的决定，因此，必须给其足够的如下方面的信息： - product characteristics including risk profile, pricing and costs 产品特征，包括风险概况、定价和成本 All information provided must be fair, clear and not misleading. 提供

25、的所有信息需公正、明晰、不具误导性,Is this advice? 这是建议吗？,We have a number of market protection structured products. These can give the upside potential without the downside risk. Shall I send some term sheets through? 我们有一些保护收益的结构性理财产品。他们都具有成长潜力，没有下跌风险。给您一些资料单行吗？,Non advice 非建议,Advice 建议,In view of your current por

26、tfolio and risk appetite, I think the most appropriate investment would be one of our market protection structured products. These can give the upside potential without the downside risk. In terms of your current allocations I reckon that 50-60m would effect the shift in frontier that you want. 鉴于您目

27、前的投资组合和您的风险喜好，我认为最适合的投资是我们的保护收益的结构性产品。他们能保持成长潜力，而没有下跌风险。您目前的配置方面，我想5000-6000万会得到您想要的最佳收益。,Non advice 非建议,Advice 建议,I remember our chat about airlines, a couple of weeks ago and the upside following the slide in oil. We think Blue Sky Airlines now have the right strategy in place and you should give

28、them a go. 我记得几周前我们聊过航空公司，在石油股下跌后会有哪些上升行情。我们觉得Blue Sky航空公司实施的战略非常到位，您应该试一试这只股票,Non advice 非建议,Advice 建议,Keep records where advice is given 给出建议时请做好记录,The clients financial objectives must be recorded 必须记录客户的理财目标 The advice must be recorded 必须记录给出的建议 The reasons why you consider the advice meets the

29、clients financial objective must be recorded 必须记录你为什么认为该建议满足客户的理财目标,Suitability适宜度,Non Advised Services 非咨询服务,Advisory Portfolio Management 咨询服务：投资组合管理,Appropriateness合适度,III. Market Conduct 市场行为,Conflicts of Interest 利益冲突 Chinese Walls 中国墙 Control Room 控制室 Market Abuse 市场滥用,Conflicts of Interest 利益

30、冲突,For example:例如： personal / bank interest 个人利益/银行利益 bank interests / clients interest 银行利益/客户利益 - between clients 客户之间的利益 Manage conflicts of interest properly 妥善管理利益冲突 Be transparent and report internally 透明化，内部汇报 Reallocate responsibilities 重新分配职责 Inform client/ask consent if appropriate 如果适当，告知

31、客户/征得客户的同意,Chinese Walls 中国墙,What are Chinese Walls? 什么是中国墙？ Barriers created to restrict or prevent movement of information within the bank, to help manage conflicts of interest and protect the confidentiality of client information. 为限制或防止信息在银行内流通而制造的障碍，帮助管理利益冲突，保护客户信息的机密性 What do they look like? 特

32、征？ physical 物理上 organisational 组织上 procedural 程序上 operational 操作上,Chinese Walls Private vs. Public side (Continued) 中国墙：私人方面VS.公共方面（续）,Commercial Clients 商业客户,Global Clients 全球客户,Global Markets Structured Finance 全球市场结构性金融,Transaction Banking 交易,Chinese Wall,Global Markets Sales/ Trading 全球市场销售/交易,G

33、lobal Markets Research 全球市场研究,Private Side 私人方面,Public Side 公共方面,Information Barrier信息障碍,Chinese Walls (Continued) 中国墙（续）,In addition, Chinese Walls allow: 此外，中国墙允许： some defence against allegations of misconduct 为不良行为辩护 maximisation of business opportunities across product lines by allowing us to p

34、erform many different roles at the same time 通过允许我们同时负责多种不同的职责来使各个产品线间的商业机会最大化 Examples: 举例: Corporate Finance advises listed company on divestment of subsidiary 公司金融部对上市公司分拆子公司提供建议 Acquisition Finance advises three different bidders 收购金融部建议有三个不同的投标人 Credit Portfolio Management assesses debt capacit

35、y for fourth bidder 信贷组合管理部评估第四个投标人的债务能力 Proprietary Trading in trading in the stocks of the listed company 专有交易部对上市公司股票交易提供建议 Private Clients in providing investment advice on the listed company 私人客户部提供上市公司的投资建议,Control Rooms 控制室,A Control Rooms main functions: 控制室的主要功能： Maintaining global marketin

36、g and watch lists 维持全球营销和观察清单 Maintaining global restricted trading lists 维持全球限制交易清单 Identifying potential conflicts of interest 识别潜在的利益冲突 Clearing/recording Chinese Wall crossings and registering Insiders 理清/记录中国墙间的交叉，登记内部知情人 Pre-clearance of equity and fixed-income research 提前弄清楚股权和固定收益研究 Pre-clea

37、rance of certain transactions 预先清除某些交易,Market Abuse: Market Manipulation 市场滥用：市场操纵,Spreading false or misleading information about the market, or the price or value of an investment E.g. spreading a rumour and false or misleading news through internet 散布错误的或者误导性的有关市场、投资价格或价值的信息 例如：通过英特网散布谣言或虚假新闻 Act

38、ing purely to influence the price of financial instruments E.g. manipulating the price at the closing of markets manipulating the price upward to show a higher portfolio value (usually around month-, quarter-, or year-end) 纯粹为影响金融工具的价格的行为 例如：操纵股市收盘价 操纵价格的上升，显示更高的投资组合价值（一般在月末、季度末或年末时） Doing transacti

39、ons that create the impression of greater supply and/or demand than exists in reality E.g. doing trades with no economic basis, undertaken simply to give the illusion of activity (manipulation of volume) 做交易以制造比实际更大的供给和/或需求的印象 例如：做没有经济基础的股票买卖，仅仅是为了给予活动频繁的假象（操纵交易量）,Market Abuse: Insider dealing 市场滥用：

40、内幕交易,Inside information is information that is: 内幕信息是指： Precise (about an event or circumstances that have occurred or can reasonably be expected to occur) 准确（关于已发生的，或者预计很可能发生的事件或情况的准确信息） Not generally available / Not obtainable by analysis or research 通常无法获得/不能通过分析或研究获得 If it were made public, it w

41、ould probably affect the price or value of the company / industry sector involved 如果公之于众，很可能会影响有关公司/行业的价格或价值 It includes information which could relate to:它包括有关以下几方面的信息： Issuers of financial instruments 金融工具的发行者 Transferable securities 可转让证券 Commodities or 商品或者 Client Orders 客户订单,Market Abuse: Insid

42、er dealing (Continued) 市场滥用：内幕交易 （续）,Anyone in the possession of inside information may not: 任何拥有内部信息的人不可以： Must not improperly pass the inside information on to someone else 不能将内部信息不当地传达给他人 Buy or sell financial instruments of issuers for your own or a banks economic advantage 为自己或者银行的经济利益购买或销售发行人的

43、金融工具 Recommend or induce another person to do either of the above 建议或者劝诱他人做以上任一件事情,Other Compliance topics 其它合规问题,Personal Account Dealing Policy个人账户交易政策 Gift Policy 礼品政策 Bribery and Corruption 贿赂与腐败 Whistleblowing 检举揭发,Personal Account Dealing Policy 个人账户交易政策,Why?原因? Buying or selling securities wh

44、ile in the possession of confidential price sensitive information (inside information) is a criminal offence in most jurisdictions.在很多辖区, 在掌握机密的价格信息(内部信息)的情况下买卖证券构成犯罪行为。 Taking advantage of information that an employee gets in the performance of his or her duties in a bank for personal gain is unacc

45、eptable. 银行员工利用职务之便获取私利是违法行为。 The appearance of insider trading must also be avoided. 必须避免内幕交易的现象。,Disclosure and transparency 信息披露和透明度 All securities accounts of staff and their connected parties must be disclosed. 所有员工及关联方的证券账户信息必须披露。 A bank must be able to monitor transactions against submitted r

46、equests for approval. 银行必须能够按照提交的审批需求对交易进行监督。,Pre-Approval, Minimum Holding Period, Restricted Trading Lists 事先批准，最短持有期，限制交易名单 Staff Members and connected parties must ask pre-approval from their line-manager and / or Compliance departments. 员工及其关联方必须得到直线经理/合规部门的事先批准。 Transactions may only be revers

47、ed after 28 days have elapsed (28 day holding period). 超过28天方可进行回购。（28天持有期） Mutual funds are not bound to the 28 day holding period but intraday trading (24 hours) is never permitted 共同基金不受28天持有期的限制，但严禁日间（24小时）交易。 There can be trading done in securities on restricted trading lists 列入限制交易名单里的证券交易也可以进

48、行。,Acceptance of gifts 礼品接受 Gifts or legacies must not be accepted from customers or suppliers.禁止收取客户或供应商赠送的礼品或遗赠品。 Excessive or abnormal entertainment must also be viewed in this light.禁止超常或非正常招待活动。 If a gift can not be refused or returned, it may be accepted provided that it is: 如果礼品无法拒收或退还，在下列情况下

49、可以接收： not in the form of cash非现金形式 not given in the expectation of a payback 无获取回报的目的 of nominal value only仅有票面价值,Gift Policy 礼品政策,Presentation of gifts 礼品赠送 Gifts to customers, suppliers, government officials or intermediaries must not be presented as a way of gaining economic or political advantag

50、e. 不能为获取经济利益或政治利益而向客户、供应商、政府官员或中介机构赠送礼物。 As an exception, gifts of nominal value may be presented: 例外情况：具有票面价值的礼品可以作为 as a courtesy 礼尚往来 for promotional purposes 宣传用途 special occasions where a “Bank” gift may be appropriate 特殊场合，“银行”礼物比较适合的情况下赠送。,Gift Policy 礼品政策 (Continued)（续）,Bribery 行贿,Bribery is

51、 defined as: 行贿的定义是 offering 送礼 suggesting 行贿暗示 paying 给予他人财物 or authorising 或授权他人从事上述行为 a payment to someone for their or anothers personal gain with the intention either to motivate active or passive deviation from a duty or to secure the performance of a duty. 行贿是指出于让他人履行职责或使他人主动或被动违背职守的目的，以谋取个人不

52、正当利益而给予他人财物的行为。,Corruption 腐败,Effects of Corruption on Business 腐败对商业活动的影响 Causes damage to reputation, which, in turn, causes loss of confidence in the market 损害企业形象，从而导致市场信心下降 Increases uncertainty in business 不确定因素增多 Increases costs 成本升高 Hampers international trade 阻碍国际贸易 Reduces investment投资减少,Whistleblowing Policy 检举政策,What this policy does? 此政策的目的？ Ensure that all staff can whistleblow (even anonymously), on (suspected) criminal or unethical conduct 确保所有员工可检举（即使是匿名检举）（嫌疑）犯罪人员或不道德行为。 How? 具体方式？ by encouraging staff to make disclosure of criminal or unethic