As a Group with regulated businesses in multiple jurisdictions, SANNE is subject to a comprehensive set of regulatory conditions and codes of practice. Such regulation presents both a challenge and opportunity to the Group which must continue to evolve its regulatory governance and risk management frameworks to ensure that licence conditions are being met.
These regulators require the Group to satisfy certain licence conditions in order to obtain and maintain their regulated status. At the outset a regulated business must be able to demonstrate sufficient technical capabilities in relation to the services being regulated and present an effective regulatory governance and risk management framework which can deliver the necessary reporting outputs and declarations. The Group is also expected to maintain minimum regulatory capital and liquidity requirements.
The Group submits regular reports and declarations to the appropriate regulatory bodies in order to maintain compliance with the applicable licences. In addition regulatory bodies typically conduct periodic regulatory visits which may be themed towards a particular element of service provision or more generally on regulatory themes such as AML.
The Group is expected to hold and maintain the appropriate insurances (Professional Indemnity Insurance for example) which provide protections against certain losses in relation to client services, excluding negligence.
The regulators conduct periodic visits and the Group has also implemented, where it was deemed beneficial, independently-assessed reviews as part of the Group’s assurance programme to ensure all regulatory requirements are being met.
No material issues have been identified as a result of the periodic regulatory visits conducted by SANNE's respective regulators in the last five years.