Conduct Team – Asset management supervisory division:

Our Role:

The asset management supervisory division has a team dedicated to the supervision of Conduct risk (“the Conduct Team”). The Conduct Team’s role is to supervise investment firms (MiFID, MiFID branches passporting inwards, UCITS and AIFMD firms) from a Conduct risk perspective and the Conduct Team works in collaboration with the Consumer Protection Directorate (“CPD”).

The focus of the Conduct Team is ensuring that firms fulfil their regulatory obligation to act in clients’ best interest and have in place a client focused culture which aims to deliver better quality outcomes for clients.

Compliance Monitoring:

The main conduct of business areas that the Conduct Team look at include:

  • Firm culture;
  • Suitability and appropriateness;
  • Client categorisation;
  • The provision of information to clients;
  • Best execution;
  • Inducements;
  • Conflicts of interest; and 
  • Complaints handling.

We monitor compliance with the conduct of business requirements by way of:

  • Themed inspection;
  • On-going supervisory engagement; and
  • Full Risk Assessment.

Themed Inspections completed by the Conduct Team:

Since its formation in 2014, the Conduct Team has completed three themed inspections. Further information on each themed inspection is available as follows:

  • Client Reporting themed review on client statements and contract notes / client trade confirmations –  industry letter 
  • Conflicts of Interest in Investment Firms – industry letter 
  • Client Categorisation under MiFID Themed Inspection of Investment Firms – industry letter

Contact details:

Any queries on conduct can be directed to the Conduct Team at