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Seminars

Date Topic Location
8th November 2007 Authorisation Bahrain (venue to be confirmed)

Authorisation

Firms involved in regulated activities must seek authorisation from their regulators or central banks. The purpose of the requirement to be authorised is that it acts as a vetting or screening process for firms wishing to operate in the financial services industry. Once a firm is authorised and has obtained its specific permissions, the firm is subject to on-going supervision by the regulator to ensure that it remains fit and proper and that it can continue to be part of the regulated financial services community. The requirement to seek authorisation from the regulator applies to firms. However certain key employees within the firms must also seek individual approval.

The purpose of this session is to outline the statutory and regulatory framework governing the requirements to seek authorisation and individual approval. This session also discusses the practical aspects of the processes, which firms and individuals have to go through in order to obtain authorisation or approval. You will also hear from the regulators the various differences between permissions.

You will be able to hear from the regulators the following topics:

  • The statutory framework governing authorisation and permissions
  • Authorisation requirements
  • Applying for authorisation
  • Approval of individuals
  • The statutory framework
  • Methods of obtaining authorisation

 

Programme

11.30
Registration, Coffee and refreshments
Floor open for networking opportunities
12:30
sponsored bylogo
Networking lunch
14:30
Session 1
Authorisation
Richard Ellis, Advisor, Banking Supervision, Central Bank of Bahrain
15:00
Discussion
15:30
Coffee & refreshments
16:00
Session 2
Authorisation
Martin Wilding, Associate Director, Authorisation, Dubai Financial Services Authority (DFSA)
16:30
Discussion
17:00
Close
Comments & close of the day by Aryan Schoorl , Senior Counsel, Freshfields Bruckhaus Deringer

Speakers

Richard Ellis
Advisor, Banking Supervision
Central Bank of Bahrain

Richard Ellis is the Advisor, Banking Supervision at the Central Bank of Bahrain.

Mr. Ellis has worked for a total of four central banks, including the Central Bank of Kuwait, the Central Bank of the Bahamas and the Bank of England. During this time he has worked in banking supervision, primarily on the drafting and implementation of regulatory policy and more latterly anti-money laundering measures, complemented by work in on and off-site supervision.

He has also worked in the private sector in the regulatory practice of PricewaterhouseCoopers, and in the retail and corporate divisions of HSBC.

Mr. Ellis is a member of the CBB's Basel 2 Implementation Task Force, and the team that is producing the CBB's new Investment Business Rulebook. He also oversaw the compilation of the Conventional and Islamic Banks Prudential Rulebooks at the CBB in 2004 and 2005 which included the CBB's enhanced requirements for corporate governance of banks.

Martin Wilding Martin Wilding
Associate Director, Authorisation
Dubai Financial Services Authority (DFSA)

Martin joined the DFSA in September 2006 as Senior Manager in the Authorisation Department and was promoted to Associate Director in July 2007. He is responsible for the team processing banking and brokerage applications.

Martin has spent his entire career working in the financial services sector. This included time at banking and insurance firms, where he held a range of positions, and from 1995 until moving to Dubai he was employed at the UK Financial Services Authority. He carried out a number of supervisory and other roles at the FSA, and most recently he managed the team responsible for the assessment of "non-routine" individual applications.

Martin holds degrees in History and in Law, and has also completed a post-graduate qualification in Legal Practice.

Aryan Schoorl Aryan Schoorl
Senior Counsel
Freshfields Bruckhaus Deringer

Aryan Schoorl is a senior counsel in our Dubai office and is a member of our financial services regulatory practice. Aryan has a wide range of regulatory and market infrastructure experience in both Europe and the Middle East. He frequently advises on Middle-East financial services and capital markets regulation.

Aryan joined the firm from the Dubai Financial Services Authority (DFSA), where he was a senior regulator. He also worked for the Netherlands Authority for the Financial Markets (AFM). His roles included the international supervision of Euronext markets (cash and derivatives), expert group membership of the Committee of European Securities Regulators (CESR), the authorisation and supervision of the Dubai International Financial Exchange (DIFX) and the authorisation of the Dubai Mercantile Exchange (DME).

Prior to his regulatory roles, Aryan was a capital markets and financial services lawyer, advising corporates and financial institutions on primary and secondary markets as well as ontentious and non-contentious regulatory matters. Aryan was admitted to the Bar in Amsterdam, the Netherlands in 1999. He was educated at the Universities of Amsterdam and Berlin (Germany) and he holds a Master of Laws (LL.M.) degree.

Sponsor

Freshfields Bruckhaus Deringer is a leading international law firm with more than 2,500 lawyers in 16 countries across Asia, Europe, the Middle East and the US. Our international experience combined with our local knowledge means that we are a leading adviser on the most complex and challenging cross-border transactions.

Freshfields Bruckhaus Deringer's international financial services and regulatory practice is one of the leading international practices for specialist financial services advice and one of the strongest integrated regulatory practices. It provides a first class advisory service to clients in all sectors of the financial services industry. With over 30 lawyers in our Dubai office, including lawyers who focus on, and spend a considerable amount of time in, Saudi Arabia and Bahrain, we are well placed to meet our clients' needs across a range of industry sectors and Middle East jurisdictions.

"Freshfields Bruckhaus Deringer's seamless full-service financial services practice enjoys a superlative reputation" - Legal 500 (2007/2008)

www.freshfields.com


Supporters

CBB logo DFSA QFCRA logo

Strategic partners

Clyde & Co DLA Piper