Danielle Tondenier

Head of division, General Inspection Group, Crédit Agricole SA

Séverine Vadon-David

Trainer and certified coach, ACF, Paris

Ethique, normes professionnelles et conformité

Les objectifs du cours

Part 1. Ethics and Professional Standards

The course’s objective is to understand the importance of ethics and professional standards when conducting business in the financial sector. It offers a pragmatic approach of ethics in finance, pointing out some of the recent issues that emerged since the financial crisis.
To begin, we analyse some of the recent codes of conduct issued by the finance industry as well as CFA Institute® Code of Ethics and Standards of Professional Conduct; we then turn to concrete issues such as rate-rigging, toxic assets or liabilities, product structuring, investor protection, as well as some of the recent regulation. Topics are covered through presentations in class, student presentations, exercises and case studies. Student presentations will be presented in class under a pre-set format; they count towards the participation grade. As a prerequisite, students must be familiar with CFA Institute® Code of Ethics, and have prepared an example of a standard violation and corrective action for the first class.

Part 2. Global Compliance

The main objective for this course is to give a global overview on the main Compliance concepts applied in a Corporate & Investment Bank, and to emphasize the latest developments in the regulatory environment. Present version: Main objectives are giving students a global overview on the main Compliance concepts applied in a Corporate & Investment Bank and emphasizing the latest trends in regulatory environment.

Plan du cours

Part 1. Ethics and Professional Standards

Session 1-Course Introduction (2h)

Session 2- What do Codes of Ethics and Codes of conducts tell us? (2h)

Session 3- FX and Libor rate-rigging & other Benchmarks (2h)

Session 4- Toxic Assets and Liabilities (2h)

Session 5- Investor Protection, why does it matter? (2h)

Session 6- Product Governance, why does it matter? (2h)

Session 7- Market related issues (2h)

Session 8- Dealing with Retail or Unsophisticated Investors (2h)

Part 2. Global Compliance

Theoretical courses and practical examples will be detailed to students on the main Compliance and Financial Security themes met in a Corporate & Investment Bank:

  • Compliance: privileged information, information barriers, conflicts of interests, market abuse and insider trading, suitability, reputation risk, etc...
  • Financial Security: KYC, KYB, and implementation of the European 3rd Directive ; embargos, countries on watch lists, combating money laundering, fraud prevention.

Bibliographie

CFA Institute® Code of Ethics and Standards of Professional Conduct.
CFA Institute® Standards of Practice Handbook, 2014 edition.
Lewis, M.,The Big Short, 2011. 
Lewis, M., Flash Boys, 2014.
O’ Malley, C., The Story of the Eurobond Markets (ch. 10-11), 2015.

 

Réglement Général de l'Autorité des Marchés Financiers (AMF)
Règlement CRBF 97-02 relatif au contrôle interne des établissements de crédit et des entreprises d'investissement
Code Monétaire et Financier
Directive 2004/39/CE du Parlement européen de 2004 entrée en vigueur en 2007 concernant les marchés d'instruments financiers (MIFID)

Examen

Participation and final exam