Financial Regulation and Compliance: How to Manage Competing and Overlapping Regulatory Oversight - H. David Kotz

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ISBN:978-1-118-97221-2

Verdict: 👍👍 

Note : Ive given this book 2 thumbs, primarily because its not for everyone and domain specific but this does not reflect the value I derived from it.

  

If you work for a US🇺🇸 Regulated organisation or one that undertakes operations in the US and is thus subject to some of the strict US regulatory Controls ⚖️then this is a book you should read.


Some parts are very technical and go into detail around the creation and delivery of legislation but all in all its a well written book that delivers value and explains the role and capabilities (enforcement / fines) for some of the organisations e.g. Financial Industry Regulatory Authority (FINRA).


I picked up this book as currently I am consulting for a Global bank with vast operations in the US and needed to understand the role of the SEC , FINRA etc  and the book helped by starting  in the forward with something that hits the nail on the head i.e. "Compliance is more than just records retention".


There is a lot in the book to digest and needs to be read from cover to cover , however here are some nice snippets, but there are many more;

  1. Executives should be aware that they are being judged directly not only on the bottom line, but also how they reached the bottom line. (P30) 
  2. In the examination process - "Monsoon notes that the NFA even 'googles' companies to search for information that might give rise to risk factors." (P91)
  3. FCPA Exceptions - The Distinction between 'facilitating payment' and a bribe is often difficult to determine" P176
As I am consulting in the related space and needed to understand the US regulatory regimes, after all  one can't validate systems if they do not know the Business needs and desired capabilities, I found this book useful and I think the author did an excellent job -  if you work in the finance sector it is worth reading

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