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Key Global Regulatory Issues Likely To Impact on Ireland Lee D. Augsburger , Sr. Vice President,

ACOI Compliance in Finance Conference From the Backroom to the Boardroom: The Critical Role Of Ethics and Compliance In The Effective Management of Financial Services Firms 14 Nov. 2011, Dublin. Key Global Regulatory Issues Likely To Impact on Ireland Lee D. Augsburger , Sr. Vice President,

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Key Global Regulatory Issues Likely To Impact on Ireland Lee D. Augsburger , Sr. Vice President,

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  1. ACOI Compliance in Finance ConferenceFrom the Backroom to the Boardroom: The Critical Role Of Ethics and Compliance In The Effective Management of Financial Services Firms14 Nov. 2011, Dublin Key Global Regulatory Issues Likely To Impact on Ireland Lee D. Augsburger, Sr. Vice President, Chief Ethics and Compliance Officer Prudential Financial, Inc. (USA)

  2. Prudential Financial, Inc. (USA) • Established in the US in 1875 • Life insurance, annuities, investment and retirement products and services • Business locations in 18 countries in U.S., Europe, Asia, Latin America • 50,000 employees worldwide (Fortune 100) • Ethics and Compliance department of over 400 worldwide

  3. Global Issues for Compliance Officers • Professional Challenge • Environmental Challenge • Specific Regulatory Matters

  4. Professional Challenge • Fledging profession; mixed perceptions • Business partners often see compliance as the “No” Department • Regulators often do not convey clear expectations • Lack of formal requirements and recognition • Compliance as regulatory quality control

  5. Environmental Challenge • Lack of Trust in Financial Services Companies • Political and Regulatory Consequences • Increasing complex and expansive regulation • “Fractured” regulation • Regulatory “improvement” by each jurisdiction • Ever greater enforcement and penalties

  6. Specific Regulatory Matters • Operational Regulations • Custody • Derivatives • Data Privacy • Anti-Bribery/Anti-Corruption • Disclosure Concerns • Sales to Seniors • Conflicts of Interest

  7. Recommendations • Compliance Professionals • Maintain a strong compliance program • Develop relationships and share your character • Regulators • Please develop regulation consistent with other jurisdictions (or at least take notice of what other regulators are doing) • Talk with us!

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