Updated: Jan 6
As regulation continues to become an uphill battle along with its taxing requirements, the one thing that can help you ease the load is having a good relationship with the regulator.
And as it is with any relationship, it all comes down to engagement and communication. But how do you even start?
Ex-regulator Daniel Lawlor of Aquest and Shannon Eastman joined us in an interactive discussion and answered the following questions about what to expect (and what not to expect) if you're meeting the regulator anytime soon.
Will the regulator look negatively if one of the staff is functioning in multiple roles?
[00:13:46] Daniel Lawlor
Would it look better if some of the staff are FCA-regulated within a small firm? What is the outcome for a firm that has an FCA-regulated individual vs. a firm that doesn’t have an FCA-regulated individual?
Do you regulate areas such as GDPR under the financial regulators' remit?
If my business is based in the UK, but all customers are in Africa, does the regulator see that as a UK serving company?
How much would it cost to apply to be regulated? What are the fees involved in maintaining your regulatory status?
Can you ask regulatory questions on an anonymous basis? Will confidentiality be guaranteed?
Is the FCA frowning upon companies looking for regulation in other jurisdictions but still wanting to do business in the UK?
Does being regulated in a more crypto-friendly country make passporting any easier?
How do you think the outcome is influenced by the individual work at our inherent human biases?
Do decision-makers get pressure from senior management such as the government to make decisions based on their view?
Do you think the FCA is ready for the crypto industry?
Meet Daniel Lawlor
As the former head of the Central Bank of Ireland’s Funds Policy Team and the Central Bank’s Project Lead on CP86, Daniel was involved in designing, drafting, and implementing regulatory initiatives affecting the funds industry from 2010 to 2017.
With an intimate knowledge of CP86 coupled with the perspective of an ex-regulator, he is in a unique position to help firms improve their relationship with the financial regulator by becoming Regulator Intelligent.
Before joining the Central Bank, Danny has worked as an investment funds lawyer for 9 years at William Fry, one of Ireland’s leading law firms.
Today, he is the MD of Aquest; a boutique firm dedicated to improving your experience with the financial regulator.
Contact Aquest and Daniel
Meet Shannon Eastman
Shannon works and plays in the area of Growth: Business Growth, Professional Growth, Personal Growth. And she's opted for 2021 to be the year I reorganise all her business projects to sit under her personal brand, Shannon Eastman Dotcom. While she continues to own and run TBF labs, (formerly Teach a Brand to Fish) for small businesses who want to outsource their growth activities, the public-facing brand of TBF will fade away and simply become an option for clients that she works with over at Shannon Eastman dot com.
What Shannon does for the most part:
Support b2b small businesses to go from zero to momentum inside 16-weeks by co-creating your content with the very people you would like to have as clients.
Support Financial Services Professionals to be better prepared for meeting the Regulator. I do this with Aquest.ie as part of the Regulatory Mock Interview program on offer.
Support Personal Growth for entrepreneurs (and intrapreneurs) wanting more flow, less force - I also write about it over at www.insidegrowth.io
Contact Shannon Eastman