Magnusson has extensive experience working with regulatory issues regarding companies operating in the financial sector. Companies that are subject to supervision by financial supervisory authorities are subject to complex regulations which are in constant flux. It requires much time and effort to follow these regulations and at the same time be aware of upcoming changes. Lack of compliance can lead to loss of reputation or even sanctions by the financial supervisory authority and must therefore be a priority for company management.
Magnusson assists all types of financial institutions, including banks, insurance companies, insurance intermediaries, fund management companies, alternative investment fund managers and securities firms maintaining the independent compliance function, which is performed through an outsourcing agreement. The assignment includes tasks that the compliance function shall perform according to applicable regulations and standards, and is designed based on each company's operations and needs. The mandate includes, amongst others, controls of various kinds, monitoring of regulatory changes, education for both employees and management, advice, ongoing meetings with representatives of the company and reporting to the CEO and board of directors.
The Magnusson team also assists in supporting the existing compliance function for those companies that have set up an internal function. Support consists mainly of regular meetings with representatives of the company, assistance in compliance controls, targeted training and simulated investigations on site. Also this service is designed according to each company's operations and needs.
As a complement to the above mentioned services, we can also take on the role of the company’s complaints manager as well as the central function responsible for money laundering issues, and to assist as needed with simulated investigations on site or specialized education.