Compliance and AML

According to the Directive 2006/73/EC of the European Commission, implementing MiFID, as regards organizational requirements and operating conditions for investment firms (IFs), an IF is required to maintain a permanent and effective compliance function which operates independently and which has the following responsibilities:

  • To monitor and, on a regular basis, to assess the adequacy and effectiveness of the measures and procedures put in place in accordance with the requirements of applicable legislation, and the actions taken to address any deficiencies in the firm’s compliance with its obligations, and
  • To advise and assist the relevant persons responsible for carrying out investment services and activities to comply with the firm’s obligations under MiFID.

In order to enable the compliance function to discharge its responsibilities properly and independently, Investment Firms are required to ensure that the following conditions are satisfied:

  • The compliance function must have the necessary authority, resources, expertise and access to all relevant information,
  • A compliance officer must be appointed and must be responsible for the compliance function and for any reporting as to compliance required by applicable legislation,
  • The relevant persons involved in the compliance function must not be involved in the performance of services or activities they monitor, and
  • The method of determining the remuneration of the relevant persons involved in the compliance function must not compromise their objectivity and must not be likely to do so.

Secqoia provides a full package of Regulatory Compliance Services:

  • Continuous communication with the Commission on compliance related matters and monitoring of applicable legislation, effectively incorporating changes, updates and/or amendments to circulars, directives, laws, rules and regulations in the preparation of reports related to the Company’s compliance function,
  • Electronic notifications through Portal regarding changes in the organizational structure of the Company and other changes/amendments,
  • Preparation of letters and/or emails (as applicable) to be submitted to the Commission regarding annual obligations (notification of shareholders, tied agents, annual subscription, submission of information on capital adequacy etc.), other notifications and requests for exemptions,
  • Preparation of monthly Money Laundering Prevention Statement,
  • Preparation of annual Anti-Money Laundering Compliance Report and relevant Board Meeting Minutes,
  • Preparation of annual Compliance Report and relevant Board Meeting Minutes,
  • Provision of ad-hoc telephone support on compliance related matters, and
  • Tactical Compliance Visits

Secqoia offers the aforementioned Compliance Services in two ways:

Option A: Full Outsource of the Compliance Function, which means that Secqoia will be included in the CIF’s of IF’s organizational structure; in effect, eliminating the obligation for hiring a full time Compliance Officer.

Option B: Partial Outsource of the Compliance Function, which means that Secqoia will not be included in the CIF’s or IF’s organizational structure. Under this scenario, the CIF or IF will still need to appoint someone (potentially, one of its current employees) as the company’s Compliance Officer.

Despite the fact that our pricing is, most probably, the best in the industry, we are committed to provide you with a beneficial counteroffer in case you receive a better offer from any other firm.

For more information and to receive a preliminary quotation, please feel free to contact us.