Securities Regulation and Capital Market Supervision: Licensing, Inspections and Enforcement – Paris, 19–23 Apr 2027

Programme overview

Introduction:

Securities regulation and capital market supervision fail investors when licensing gates are loose, prospectus reviews miss material gaps, inspections follow a fixed calendar rather than risk, and sanctions arrive too late to deter. This Core Concept course gives securities regulators, market infrastructure staff and intermediary compliance teams a working method to authorise intermediaries, review issuer disclosure, oversee exchanges, clearing houses and depositories, rank firms by risk, plan on-site inspections and choose proportionate enforcement responses. Participants build a Risk-Based Supervision Plan and Inspection Programme for a case brokerage and fund management firm.

Course Objectives:

• Apply the three objectives of securities regulation, investor protection, fair and transparent markets and systemic risk reduction, to a regulator's mandate, perimeter and rulebook priorities
• Assess licence applications from brokers, fund managers and advisers against capital, governance, fit-and-proper and business plan criteria
• Review prospectuses, periodic reports and material event announcements against disclosure requirements and issue reasoned comment letters
• Evaluate intermediary conduct of business, suitability, conflicts handling and client asset segregation through off-site monitoring and on-site inspections
• Select enforcement tools and sanctions proportionate to breach severity and coordinate cross-border information requests with peer regulators
• Design a Risk-Based Supervision Plan and Inspection Programme with impact and probability ratings, inspection scope and team resourcing

Target Audience:

• Supervision and inspection managers at securities regulators who oversee brokers, fund managers and investment advisers
• Authorisation and licensing managers who assess applicants and approve controllers and senior function holders
• Disclosure review managers who examine prospectuses and ongoing filings of listed issuers
• Market infrastructure oversight and rules managers at exchanges, clearing houses and securities depositories
• Enforcement and investor complaints managers who investigate breaches and decide remedial action
• Compliance managers at capital market intermediaries who prepare for regulatory inspections and remediate findings

Course Outline:

Day 1: Objectives, Perimeter and Architecture of Securities Regulation

• Three Objectives of Securities Regulation: Investor Protection, Fair and Transparent Markets, Systemic Risk Reduction
• International Principles for Securities Regulation: Regulator Independence, Powers and Accountability
• Regulatory Perimeter Map: Regulated Activities, Exemptions and Self-Regulatory Organisation Roles
• Capital Market Structure: Primary Issuance, Secondary Trading Venues and the Post-Trade Chain
• Regulator Self-Assessment Grid Against International Principles and Gap Register

Day 2: Market Infrastructure Oversight, Licensing and Issuer Disclosure Regimes

• Exchange Oversight: Rulebook Approval, Listing Function Conflicts and Trading Halt Powers
• Clearing House and Depository Oversight Under Principles for Financial Market Infrastructures: Margin, Default Fund and Default Management
• Intermediary Licensing Criteria: Minimum Capital, Governance, Systems and Business Plan Review
• Fit-and-Proper Assessment of Controllers, Directors and Approved Persons
• Prospectus Review Workflow and Comment Letter Drafting for New Securities Offerings

Day 3: Supervising Intermediaries, Investment Funds and Issuer Filings

• Continuous Disclosure Oversight: Periodic Reports, Material Event Announcements and Major Shareholding Notifications
• Collective Investment Scheme Oversight: Fund Manager and Custodian Duties and Valuation at Overview
• Conduct of Business Rules: Know-Your-Client, Suitability, Best Execution and Conflicts Registers
• Client Money and Client Asset Segregation: Reconciliations, Trust Accounts and Custody Records
• Off-Site Monitoring Returns: Financial Resources, Complaints Data and Early Warning Ratios

Day 4: Risk-Based Supervision, Inspections, Enforcement and Regulatory Cooperation

• Impact and Probability Risk Rating Model for Intermediaries and Supervisory Intensity Tiers
• On-Site Inspection Methodology: Scoping Letter, Document Request, Sample Testing and Findings Letter
• Surveillance Referrals From Trading Venues to Supervision at Overview
• Enforcement Toolkit: Directions, Licence Restrictions, Financial Penalties, Public Censure and Restitution Orders
• Investor Complaints Handling, Dispute Resolution Channels and Multilateral Memorandum of Understanding Requests

Day 5: Case Work: Risk-Based Supervision Plan and Inspection Programme

• Case File: Multi-Line Brokerage and Fund Manager With Client Money Shortfalls and Rising Complaints
• Case Build: Firm Risk Rating Scorecard and Supervisory Intensity Decision
• Case Build: Inspection Programme With Scope, Sampling Plan, Team Roles and Fieldwork Sequence
• Case Build: Enforcement Escalation Options and Proportionality Rationale for Identified Breaches
• Supervision Plan and Inspection Programme Defence Before a Mock Supervisory Committee

Skills You Will Gain:

• Securities Perimeter Mapping
• Licence Application Assessment
• Fit-and-Proper Evaluation
• Prospectus Comment Drafting
• Client Asset Segregation Review
• Intermediary Risk Rating
• Inspection Scoping and Sampling
• Enforcement Proportionality Judgement

Why Attend This Course:

• Leave with a Risk-Based Supervision Plan and Inspection Programme for a case intermediary, ready to adapt to your own supervisory portfolio
• Direct scarce inspection resources to the firms and activities that pose the greatest harm to investors and market integrity
• Justify licence refusals, disclosure comments and sanctions with a documented, consistent rationale that withstands challenge
• Compare supervisory and compliance practice with regulator, exchange, clearing and intermediary peers from several markets

Conclusion:

Capital market supervision protects investors only when licensing, disclosure review, inspection and enforcement work as one risk-driven cycle. The week moves from the objectives and principles of securities regulation and the regulatory perimeter, through oversight of exchanges, clearing houses and depositories, licensing, fit-and-proper tests and prospectus review, to continuous disclosure, fund oversight, conduct of business and client asset rules, then risk rating, on-site inspections, enforcement tools, complaints and cooperation between regulators. The final day produces a Risk-Based Supervision Plan and Inspection Programme for a case intermediary.