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Part X Conclusions, 33 A Convergence of Agendas

Roger Mccormick, Chris Stears

From: Legal and Conduct Risk in the Financial Markets (3rd Edition)

Roger McCormick, Chris Stears

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 March 2023

Financial regulation — Regulators

This chapter ties together the loose threads of the preceding discussions. It suggests that the role of the in-house lawyer has become further involved with risk management rather than simply the provision of legal advice. It presents some legal and conduct risk management objectives as a starting point for legal departments planning to take a ‘risk-based’ approach to its function. The role of regulators will be also crucial in managing risk, not merely as ‘supervisor’ and ‘enforcer’ in the traditional sense, but also as an effective cross-pollinator of ideas. Moreover, it is important that the Financial Markets Law Committee (along with other similar bodies) continues to perform the valuable roles of: (1) identifying concerns; (2) providing expert analysis of the relevant law in relation to specific concerns; (3) acting as an informal ‘bridge’ to the judiciary; and (4) being an authoritative voice for City lawyers when representations need to be made.

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