Join Cristean Yazbeck, Head of Financial Services at Rockwell Olivier, for a special and timely breakfast session as he discusses some of the commercial issues licensees and their representatives need to address with their existing contractual arrangements and grandfathering of payments.

Who should attend?

Financial services licensees and their representatives.

Why should you attend?

A number of payments and receipts from financial services licensees and their representatives have been banned from 1 July 2013 under FOFA, because they represent either “conflicted remuneration” or “volume-based shelf-space fees”.

FOFA, however, grandfathers benefits which would otherwise be banned, if they are given under an “arrangement” entered into before 1 July 2013.

An “arrangement” can be formal, informal, oral, or even arise by conduct.

Accordingly, all new and existing arrangements involving licensees and their representatives need to be examined to determine which of those give rise to an “arrangement” under FOFA. Once those “arrangements” are determined, it is necessary to assess all payments made under those “arrangements”, because they must cease if changes are made to those “arrangements” such that it could be said that new “arrangements” arise.

You will leave with:

• An understanding of the broad meaning of an “arrangement” under FOFA, and why an “arrangement” can arise in a number of ways.
• Guidance on when a new arrangement arises, thus causing grandfathered payments to cease.
• Guidance on what changes can be made to existing arrangements without causing a new arrangement to arise, thus preserving existing payments.
• A checklist of action items for your licensees and representatives.

This session is intended to be practical, without resorting to technical concepts and complex legislative references.

A continental breakfast will be available to attendees, along with a chance to grow your network. This promises to be a highly informative and engaging event.

Click here to book