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Regulatory challenges – The driving issues

2nd Annual Compliance and AML Seminar 23 – 24 March 2010, Riyadh, KSA Panel Session: Regulatory challenges & objectives Marc Hambach, COO, Gulfmena Alternative Investments Ltd. Regulatory challenges – The driving issues. Excessive risk taking Sub-prime fall out Credit crunch

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Regulatory challenges – The driving issues

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  1. 2nd Annual Compliance and AML Seminar23 – 24 March 2010, Riyadh, KSAPanel Session: Regulatory challenges & objectivesMarc Hambach, COO, Gulfmena Alternative Investments Ltd

  2. Regulatory challenges – The driving issues Excessive risk taking Sub-prime fall out Credit crunch Financial crisis Bail outs & takeovers Recession & recovery Bringing the global economy back from the brink One world concept No longer Anglo-Saxon vis-à-vis European / rest of the world Cross and beyond borders End of deregulation • Avoidance of repetition

  3. Regulatory challenges – How effective is regulation? Setting standards & concepts The Sarbanes-Oxley Act of 2002 Basel, IOSCO, IAIS standards Principle based regulation Increased number of regulators Identification of systemic risks (PE & hedge funds?) Curb on short selling Troubling realities Investment / Mortgage Banks Lenders - shrinking titans Conflicted rating agencies Derivatives and mortgage bubble Lack of transparency & accountability Financial scams (e.g. Madoff and Stanford)

  4. Regulatory challenges – G 20 summits G 20 (including KSA) Avoid premature withdrawal of stimulus; exit strategies Launch of “framework for strong, sustainable and balanced growth“ Strengthen financial regulation, via reformed rules on capital adequacy and remuneration of bank employees Reform the global institutional architecture Crackdown on tax havens (“White List”)

  5. Regulatory challenges – GCC/Middle East Central Banks & and financial services authorities Endorsement of reform of global financial architecture Expanding surveillance No regulatory arbitrage Regulatory reforms Filling information gaps Middle East/GCC is not regulatorily homogeneous Implementation of reforms ongoing

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