The Optima Approach

What is the
client issue?

Once authorised or registered to undertake regulated financial activities within a particular jurisdiction, firms are required to adhere to rules and guidance in each jurisdiction set by the respective regulators. Regulators supervise regulated entities by conducting regulatory exams or supervisory visits, which can be challenging for firms to navigate and respond to effectively, given the volume and breadth of information typically requested by regulators. Many firms therefore find themselves unprepared for such regulatory exams and unaware of the types of information that needs to be supplied.

How does
Optima help?

Optima stays extremely close to regulatory priorities and exam questions at all times, specifically for UK, US and Hong Kong regulatory supervisory visits and exams. We conduct mock reviews for clients based on our experience of navigating and assisting clients through real life supervisory exams and visits. In the US in particular, the SEC and NFA are very active regulators, examining firms continually.  Optima therefore has in depth knowledge of regulatory exams and can mirror the process like for like to assist clients in preparing for the inevitable visit from the regulators.

Optima uses its expert team of ex-regulators in each jurisdiction to conduct mock exam interviews so that clients can experience the closest to real life example as possible.

APPROACH
Optima Case Study

National Futures Association Examinations

National Futures Association Examinations

One of Optima’s clients was newly registered with the NFA, who actively conducts exams for new registered advisers and typically every three to five years thereafter.

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National Futures
Association Examinations

As a UK based firm, the client was familiar and confident with FCA requirements but felt more nervous about NFA requirements and expectations. As such, the client engaged Optima to conduct a mock NFA exam. As part of this exercise, Optima leveraged real life NFA exam letters from our client base and structured a programme for the mock exam which contained the following elements:

  1. Documentation and information request based on real life NFA exam visits
  2. Interviews of NFA registered individuals, using real life interview questions observed by Optima
  3. Review of all documentation supplied by the client
  4. Report of findings and recommendations
  5. Support in remediating the Optima findings and recommendations

Optima assisted the client actively and with a hands-on approach in remediating the findings and recommendations, which is the main value add and comfort the client was seeking on this project.  This gave the client the confidence that its internal documentation, policies, procedures and frameworks would pass any future real life NFA exams.

CASE
STUDY
Contact Us

info@optima-partners.com

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