Elements and Performance Criteria
- Identify the main roles and responsibilities of the key bodies in the legal system
- The functions of the courts and other regulatory bodies relevant to the financial services industry are identified
- Implications of relevant legislation are identified and applied in operational activities
- Implications of common law, including negligence and contract, employment law and business structures, are identified and applied in making operational decisions
- Identify compliance requirements
- Compliance requirements are interpreted accurately and applied within prescribed time limits
- Requirements are reviewed regularly in a comprehensive manner
- Legislative and regulatory sources of information are constantly reviewed to remain informed of changes and amendments to statutes and finance industry requirements
- Develop procedures to ensure compliance