Numerous guests from Austrian and international banks accepted an invitation to attend an event entitled "Compliance in the Securities Business" held in the conference rooms of CHSH Cerha Hempel Spiegelfeld Hlawati on Monday 12 November 2018.
After the newly renovated conference rooms were reopened by CHSH Managing Partner Dr. Albert Birkner, Dr. Peter Knobl (partner at CHSH) gave a lecture on the practical challenges posed by the new product governance of financial instruments and structured deposits. The primary focus was on the implementation of the target market comparison by manufacturers and distributors and the design of the feedback regime by distributors vis-à-vis manufacturers. Afterwards, Dr. Andrea Harrich (attorney at CHSH) examined liability issues in relation to breaches of product governance rules.
In his lecture, Univ.-Prof. Dr. Nicolas Raschauer (University of Liechtenstein, and Of Counsel at CHSH) provided an overview of the record keeping requirements introduced by the rules of conduct applicable under the Securities Supervision Act and discussed how these requirements interact with the GDPR. Mag. Doris Zingl (Head of Legal, Association of Austrian Banks and Bankers) subsequently examined the difficulties experienced in practice when applying the new rules on cross-selling.
Lastly, Mag. Karin Lenhard (Group Securities Compliance, Erste Group Bank) gave a brief but comprehensive review of the initial practical experience gained by the Group Securities Compliance department of a major bank in dealing with the new Securities Supervision Act.
In the lively panel discussion that followed, the speakers discussed questions from the audience and the practical challenges that the new Securities Supervision Act poses.
"The immense interest in our event goes to show that the issue continues to occupy the minds of those in the industry and that practical tips and advice are gratefully received", remarked CHSH partner Dr. Peter Knobl on the successful event.