Page 14 - Annual Report 2020

/ 09 QF CR A ANNU AL REP OR T 2020

CEO’s Statement

Every year seems to bring new and unique sets of opportunities and

challenges. In many ways, however, 2020 presented challenges that

were very different, and introduced unforeseen uncertainty in our

professional, personal and economic lives. Public health was the
priority in 2020 and the actions necessary to counter and control

the effects of COVID-19 required us to change the established

patterns of our personal and professional lives. The pandemic tested

the resilience of all organisations, their systems and controls and
their capacity to adapt. For the Regulatory Authority, the pandemic

urged us to change the way that we organised ourselves at work,

our interactions, our use of technology and the nature of our

engagement with our firms. Despite these challenges, however, I am
pleased to report that the Regulatory Authority continued to deliver

its objectives with the professionalism and focus that is expected.

The Supervision and Authorisation division focused on its core
mission and took careful account of the risks and uncertainty

that the pandemic introduced. Understanding the implications

of the pandemic and its effects on firms became the priority.

The Regulatory Authority’s Supervision department monitored
those impacts and engaged in active dialogue with firms’

management to ensure that firms were well positioned to

address any issues arising as a result of the pandemic. In addition

to this focus on the effects of the pandemic, the Supervision
department also continued to execute on its planned work

programme for 2020, which included the implementation of

new AML/CFT rules, LIBOR transition and assessing standards of

compliance with new customer and investor protection rules.

T ABLE OF C ONTENT S