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Securities & INVESTMENT Securities & INVESTMENT November/december 2012 REthe members’ magazine of theV chartered instituteI forE securities &W investment cisi.org/sireview Fighting talk With money laundering and the LIBOR Slow progress scandal keeping the finance industry What challenges face in the spotlight, how are the authorities the derivatives’ central policing financial crime? page 12 clearing project? p16 Christopher Adams Looking out for the fiscal cliff, p11 Securities & Investment november/december 2012 RE VIEW Editors Louise Reip and Ella Johnston Commissioning Editor Hugo Cox Senior Designer 12 Kate Copsey Art Director Steven Gibbon Publisher David Poulton Production Director John Faulkner Managing Director Claire Oldfield Chief Executive Martin MacConnol Advertising Sales Yanina Stachura +44 20 7010 0945 [email protected] 16 Cover illustration Darrel Rees for Heart Published on behalf of the Chartered Institute for Securities & Investment by Wardour, 5th Floor, Drury House 34–43 Russell Street London WC2B 5HA Telephone: +44 20 7010 0999 Fax: +44 20 7010 0900 www.wardour.co.uk 18 ISSN: 1357-7069 Communications Editor, Chartered Institute for Securities & Investment Contents Richard Mitchell 8 Eastcheap, London EC3M 1AE Features Members’ features Regulars Telephone: +44 20 7645 0749 12 the enemy within 22 cpd: the new silk road 5 city view Email: [email protected] Hugo Cox takes an in-depth George Littlejohn considers New US legislation will look at how the authorities the viability and returns of have a negative impact Editorial panel are policing financial crime frontier market investment on UK organisations Peter Land, Chartered Brewin Dolphin FCSI, Chairman in light of scandals such 24 Suren Chellappah FCSI Sanford C Bernstein as LIBOR fixing and money to sell or not to sell 6 upfront Moorad Choudhry FCSI Royal Bank of Scotland laundering activity When selling products, News and views from Simon Culhane, Chartered Institute for should a bank manager Chartered FCSI Securities & Investment members of the CISI, Scott Dobbie FCSI(Hon) Deutsche Bank defer to in-house specialists? Mike Gould FCSI 16 not quite safe ground including our regular back Jeannette Lichner MCSI As the global deadline for story by Clay ‘Mudlark’ Harris Gregor Logan MCSI derivatives’ central clearing 26 need to read Paul Loughlin, Rathbone Investment Catch up with this Chartered MCSI Management approaches, Andy Davis 11 first person Robert Merrifield FCSI Legal & General examines the challenges month’s essential reading Richard Mitchell Chartered Institute for Christopher Adams reflects upon Securities & Investment and obstacles that face the effect that end-of-budget Frank Reardon, JM Finn the project Chartered FCSI 27 diary measures in the US could have Patricia Robertson, Westport Global CISI events and new on the markets Chartered FCSI Jeremy Robinson, Charles Stanley 20 applied theory member admissions Chartered FCSI Can Nobel Prize-winning 18 profile: chet helck Hamish Rowan-Hamilton TheCityUK Markus Ruetimann FCSI Schroder Investment theories translate into 30 people: paperback writer The head of the US’s Securities Management tangible policy that Len Warwick CBE, Industry and Financial Nimrod Schwarzmann FCSI Arjuna Sittampalam, Sage & Hermes actually changes lives? Chartered FCSI, on his new Markets Association talks Chartered MCSI We take a closer look life as an author of fiction regulation with Hugo Cox Nigel Sydenham, BPP Professional Education Chartered FCSI Alan Yarrow, Chartered Institute for Chartered FCSI(Hon) Securities & Investment Average audited circulation: 16,665 for period July 2010 – June 2011 © The Chartered Institute for Securities & Investment (CISI). All rights reserved. Reproduction in whole or part prohibited without prior permission of the CISI. The CISI and Wardour accept no responsibility for the views expressed by contributors to the Securities & Investment Review; or for unsolicited manuscripts, photographs or illustrations; or for errors in articles or advertisements in the Securities & Investment Review. The views expressed in the Securities & Investment Review are not necessarily those held by the CISI or its members. 3 city view cisi opinion The Government should speak out against the Foreign Account Tax Compliance Act, US legislation that will impose unfair costs on UK investment managers and banks who work with Stateside clients Living in taxing times it is not a fun time to be working in the penalise firms based outside the US and impose FFI is required to search for indicators finance industry. The public does not easily significant costs and draconian individual of a US nexus, and this includes whether discriminate between the highly overpaid responsibility. For example, it will be necessary the FFI has on record any US telephone individuals in the investment banks and those for any firm that has any investment in the number, and requires the financial organisation clearing up the mess, while the clamour for US to first identify which of its customers, to monitor actively and continuously that the increased regulation continues unrestrained. or unit trust holders, are American and then individual does not become a US citizen. Against this backdrop, it is no wonder report them to the US tax authority (the IRS). There is a ray of hope that things might that the Americans have slipped in an extra If it does not comply, the firm will be deemed improve a little. In September, HM Revenue territorial requirement that will impose non-compliant and face a range of sanctions, & Customs signed an Inter-Governmental significant costs on all asset and investment including a 30% withholding of any investment Agreement (IGA) – and at the same time it managers and banks. This US requirement is in the US, such as the sale of securities. announced a consultation process with the aim resulting in a double whammy. It is completely Furthermore, the US authorities require of reducing the compliance burden. The IGA extra-territorial and seeks global compliance, each foreign financial institution (FFI) to is a reciprocal agreement and requires the IRS while imposing significant additional costs to exchange information with the UK on UK of compliance on virtually every financial investors within US financial institutions. organisation globally. It has resulted in many It is wrong to penalise This has caused an outcry from US financial financial organisations, including private client institutions that do not collect similar and wealth managers, turning away clients, firms based outside the US information to enable it to report UK simply because they have a link with the US. account holders to the IRS. That strategy alone will not get a financial appoint a so-called responsible officer. That We will wait to see which other countries institution out of the net. named individual from a foreign firm has to be sign up to an IGA, but many are interested, The legislation is the Foreign Account Tax identified during the FFI registration process including some governments in the Caribbean. Compliance Act (FATCA), the aim of which is and will receive a US Employee Identification However, the IGAs are causing a huge problem to force non-US financial institutions to identify Number (EIN). This individual will be for global financial institutions that may have to their US clients and report them to the Internal responsible for compliance with the install multiple systems and processes to cover Revenue Service (IRS). This is to enable the FATCA regulations within that financial operations in different countries, some signed IRS to recover taxes due from any US citizen institution and may be personally liable for up to FATCA, some of which are signed up to an who has accounts outside the US and has not any substantial non-compliance. IGA and some that are not signed up to either. declared them. While it is understandable This is an asymmetrical requirement and is The US is guilty of behaving like a bully. for the US to want to obtain tax dollars from causing many private client managers to think No one is advocating tax evasion, but putting the its citizens (and it estimates to be recouping carefully about providing a service to those costs on the UK is unfair and our Government almost $20bn a year in doing so), it is wrong to whom the US authorities deem American. Each should have the courage to say so. n 5 Got a story to tell or a view to share? News and views from the CISI Upfront dinner and awards Scotland’s roll of honour Nine financial services specialists have been former government Cabinet Minister, as guest honoured as Scotland’s top performers in CISI exams. speaker. Scotland branch President They were recognised at the Annual Dinner Stephen Barclay, Chartered MCSI, updated and Awards of the Institute’s Scotland branch, guests about regional activities and CISI which took place at the George Hotel, Edinburgh. Managing Director Ruth Martin spoke about Candidates in Scotland took more than 1,500 developments within the Institute and the CISI exams last year. The winners included Alastair latest benefits for members. Seaton MCSI of Kames Capital, who picked up two A prize draw held in aid of Children’s Hospice awards – for the Diploma in Investment Operations Association Scotland raised £1,200. The figure and Advanced Global Securities Operations. will be boosted by Gift Aid. The main sponsor of From left, CISI Scotland branch President Stephen The evening was attended by nearly 200 guests the event was BlackRock, while support
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