 As head of
regulatory services at Qumas in London, Kevin Ludwick has a
European perspective on compliance issues in the securities
industry. Before joining the compliance software company last year,
Ludwick spent over 20 years in London as a regulator and compliance
executive. At the Financial Services Authority (FSA) since 1999, he
headed European and Japanese banking supervision and market
supervision. He also oversaw a revision of the U.K.'s listings
rules that ran parallel to enactment of the U.S. Sarbanes-Oxley
Act. Before that, Ludwick was Bank of America's head of compliance
for Europe, the Middle East and Africa, and also worked as finance
and compliance director for Indosuez Capital.
Ludwick's role with Qumas, which has headquarters in Cork,
Ireland and additional offices in New York and Florham Park, N.J.,
calls on him to spend time on both sides of the Atlantic assisting
with product development and overseeing regulatory strategy. In a
recent interview with Securities Industry News compliance
editor Carol E. Curtis, Ludwick, 43, discussed the differing
regulatory approaches in the two regions and the impact that U.S.
financial scandals have had in Europe.
What are the key similarities between the FSA's and
Securities and Exchange Commission's approaches to
regulation? It is important to remember that there is a
real commonality of goals: the financial viability of a firm, fair
dealings with customers and the market, and fighting financial
crime. Also, in terms of tools they use, both bodies make, amend
and waive rules; authorize firms; inspect; enforce; and make
speeches to influence a wider group of stakeholders. |
