Practitioner's Guide to Conflicts of Interest in the Financial Services Industry

A Practitioner’s Guide to Conflicts of Interest in the Financial Services Industry provides you with a practical examination of the complex law and regulations that exist in the UK, USA and various other important jurisdictions concerning the concept of conflicts of interest and how the principles have been applied to the financial services industry.

This unique title looks firstly at the law in the UK, giving you detailed guidance on how conflicts and potential conflicts should be managed in the context of UK regulation. It then goes on to discuss the latest EU developments and the US approach, particularly with regard to the extent that non-US firms are subject to US regulatory requirements and the implications of the Dodd-Frank Act. The book also covers other jurisdictions including Ireland and Hong Kong, and considers the civil law approach with reference to France, Germany and Luxembourg.

The last section of the book looks at potential future trends and developments, and includes a case study illustrating how conflicts of interest can be managed and how legal liability contracted out of by the use of appropriately worded engagement letters and the efficacy of information barriers.

This title enables you to be aware of potential conflicts of interest and how to manage these situations to ensure that you can minimise the risk of conflicts and resolve any situations that may arise.

• Examines the complex laws and regulations concerning the concept of conflicts of interest as it has been applied to the financial services industry in the UK, US and other important jurisdictions
• Includes detailed coverage of the UK regulatory landscape
• Provides expert guidance on how conflicts should be managed in the context of UK regulation
• Advises on systems and controls to put in place to avoid conflicts arising
• Covers the latest EU-level developments and their impact on UK financial institutions
• Gives guidance on the impact of US law and regulation, including the Dodd-Frank Act, on institutions outside the US
• Covers the situation in certain other jurisdictions including Ireland and Hong Kong, and considers the civil law approach with reference to France, Germany and Luxembourg
• Provides a detailed case study illustrating how conflicts of interest can be managed and legal liability contracted out of by the use of appropriately worded engagement letters and the efficacy of information barriers
• Looks at the potential future trends and developments
  

Chapter 1 – Conflicts of interest in English law:  introduction

Chapter 2 – Specific issues in the United Kingdom’s financial services industry
 
Chapter 3 – The UK statutory regulation of conflicts of interest

Chapter 4 – The management of conflicts of interest

Chapter 5 – European Union proposals

Chapter 6 – The United States approach to conflicts of interest
a) Definition of fiduciary 
b) Sources of law 

1. US state law
   • New York
   • Delaware
2. Investment Advisers Act
3. Investment Company Act
4. Securities Exchange Act and the financial industry regulatory authority
5. ERISA
6. Commodity Exchange Act 

Chapter 7 - Financial Regulatory Reform Act of 2010 
a) Harmonisation of duties owed by investment advisers and broker-dealers
b) Elimination of private fund adviser exemption
c) New rules regarding custody of client assets

Chapter 8 - Duties of investment professionals under United States law
a) Trading practices 
b) Fee arrangements 
c) Other aspects of the client relationship 

Chapter 9 – Conflicts of interest and their management in Hong Kong 

Chapter 10 –Conflicts of interest and their management in Ireland 

Chapter 11 – The civil law approach to conflicts of interest and their management
a) France 
a) Germany 
b) Luxembourg 

Chapter 12 - Conclusion: current trends in financial market law and regulation in relation to conflicts of interest

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