Building a compliance framework for a global real estate investment firm
This large financial services firm come to us for help with the regulatory aspects of setting up a new London-based joint venture offering global real estate investment services.
We spent considerable time onsite with the client to fully understand the business model for the new joint venture and we then worked closely with staff from both parent entities to prepare the change in control and waiver applications required for the existing authorised entities. A key part of the success of these applications was the development of a robust and meaningful regulatory business plan which was developed in conjunction with the client and their legal advisors.
At the same time as preparing the regulatory applications and liaising with the FCA, we helped the client design and build effective compliance and governance structures. This included the production of compliance policies and procedures which reflected the business processes and culture of the new joint venture.
Throughout the project we collaborated seamlessly with other advisors appointed by the client, for example legal, HR and financial. We also helped with prudential requirements: which included help with ICAAP production, ICAAP and prudential training for staff and completing and submitting a consolidation waiver application. Towards the end of the project we worked with and supported the new CF10/11 hire to hand over and integrate the compliance function.
Being involved with the client from the very outset gave us the opportunity to help shape their business plan to be aligned with the FCA’s regulatory framework. The parent entities of the joint venture had contrasting UK and American working practices and cultures and we successfully built a compliance framework from scratch which reflected the coming together of two long-established companies.
Entrusting Bovill with the regulatory side of setting up the new entity allowed their staff to concentrate on all the other tasks involved in getting a new business up and running.