Circle of delegation: Difference between revisions
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The subtle art of [[delegation]]. | The subtle art of [[delegation]]. | ||
How | How [[big organisation]]s work. You have a simple but important question. Luckily, you know the firm has set up a [[cross-divisional]] working group - with multifarious [[workstream]]s, hundreds strong, of [[lawyer]]s, [[compliance professional]]s, [[operations]] staff, [[COO]]s and external [[management consultant]]s to consider this, and related issues, in minute detail. | ||
'' | |||
You go to Mary, whom you know is on this group. <br> | |||
''ROUND ONE''<br> | |||
'''Me''': Hi Mary. could I pick your brains today about fee rebates under Mifid 2?<br> | '''Me''': Hi Mary. could I pick your brains today about fee rebates under Mifid 2?<br> | ||
'''Mary''': Hi Olly, the best person for fees & charges Qs would be either Matthew (Regs Team) or Mark (Legal), since they've followed MIFID II for a lot longer. M<br> | '''Mary''': Hi Olly, the best person for fees & charges Qs would be either Matthew (Regs Team) or Mark (Legal), since they've followed MIFID II for a lot longer. M<br> | ||
''(Matthew is out of the office. Let’s try Mark.)'' <br> | ''(Matthew is out of the office. Let’s try Mark.)'' <br> | ||
''ROUND TWO''<br> | ''ROUND TWO''<br> | ||
'''Me''': Mark - Hi - I'm in IB legal - Mary gave me your name. i gather you're an expert on MiFID 2 re fees and charges?<br> | '''Me''': Mark - Hi - I'm in IB legal - Mary gave me your name. i gather you're an expert on MiFID 2 re fees and charges?<br> | ||
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'''Me''': Great, thanks. Luke seems to be out of the office - does he have a deputy?<br> | '''Me''': Great, thanks. Luke seems to be out of the office - does he have a deputy?<br> | ||
'''Mark''': Joan is the business analyst on the costs and charges [[work-stream]] ... If she isn’t the right person, she'll point you in the right direction.<br> | '''Mark''': Joan is the business analyst on the costs and charges [[work-stream]] ... If she isn’t the right person, she'll point you in the right direction.<br> | ||
''ROUND THREE''<br> | ''ROUND THREE''<br> | ||
'''Me''': Joan, hi! Mark tells me you're the business analyst on the costs and charges [[work-stream]] for MIFID 2? I'm really interested in getting the buy-side view on fee sharing and rebates. Would you have a few minutes to discuss?<br> | '''Me''': Joan, hi! Mark tells me you're the business analyst on the costs and charges [[work-stream]] for MIFID 2? I'm really interested in getting the buy-side view on fee sharing and rebates. Would you have a few minutes to discuss?<br> | ||
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'''Me''': Actually I was hoping to speak to someone today. A 10 minute call - perhaps with someone in your team? - should help contextualise the question and may indeed answer it.<br> | '''Me''': Actually I was hoping to speak to someone today. A 10 minute call - perhaps with someone in your team? - should help contextualise the question and may indeed answer it.<br> | ||
'''Joan''': Sure. Speak to Andrea in Hong Kong.<ref>Someone in Hong Kong is running a MiFID workstream?<br> | '''Joan''': Sure. Speak to Andrea in Hong Kong.<ref>Someone in Hong Kong is running a MiFID workstream?<br> | ||
''ROUND FOUR''<br> | ''ROUND FOUR''<br> | ||
'''Me''': Andrea! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest. | '''Me''': Andrea! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest. | ||
Joan tells me you're the [[subject matter expert]] on this. Would you have a moment to speak today?<br> | Joan tells me you're the [[subject matter expert]] on this. Would you have a moment to speak today?<br> | ||
'''Andrea''': Hi Olly. In fact, I look after the costs and charges ''disclosures'' under MiFID II. Anthony looks after inducements arising from ''payment'' of costs and charges. If you are referring to conflict of interest under inducements Anthony would look after that. <br> | '''Andrea''': Hi Olly. In fact, I look after the costs and charges ''disclosures'' under MiFID II. Anthony looks after inducements arising from ''payment'' of costs and charges. If you are referring to conflict of interest under inducements Anthony would look after that. <br> | ||
''ROUND FIVE''<br> | ''ROUND FIVE''<br> | ||
'''Me''': Anthony! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest as they relate to fee-sharing a arrangements. Andrea me that you're the subject matter expert on this! Would you have a moment to speak today?<br> | '''Me''': Anthony! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest as they relate to fee-sharing a arrangements. Andrea me that you're the subject matter expert on this! Would you have a moment to speak today?<br> | ||
'''Anthony''': Hi. We have broken the MiFID 2 inducements [[workstream]] into two: non-monetary and monetary. I look after non-monetary. Monetary is Thomas.<br> | '''Anthony''': Hi. We have broken the MiFID 2 inducements [[workstream]] into two: non-monetary and monetary. I look after non-monetary. Monetary is Thomas.<br> | ||
''ROUND SIX''<br> | ''ROUND SIX''<br> | ||
'''Me''': Thomas! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest as they relate to fee-sharing a arrangements. Anthony tells me that you're the [[subject matter expert]] on this! Would you have a moment to speak today?<br> | '''Me''': Thomas! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest as they relate to fee-sharing a arrangements. Anthony tells me that you're the [[subject matter expert]] on this! Would you have a moment to speak today?<br> | ||
<br> | <br> | ||
'''Thomas''': have you tried Mary?<br> | '''Thomas''': have you tried Mary?<br> | ||
''Voiceover: MARY IS THE PERSON HE STARTED WITH.'' | |||
{{seealso}} | {{seealso}} | ||
Revision as of 09:11, 26 April 2017
The subtle art of delegation.
How big organisations work. You have a simple but important question. Luckily, you know the firm has set up a cross-divisional working group - with multifarious workstreams, hundreds strong, of lawyers, compliance professionals, operations staff, COOs and external management consultants to consider this, and related issues, in minute detail.
You go to Mary, whom you know is on this group.
ROUND ONE
Me: Hi Mary. could I pick your brains today about fee rebates under Mifid 2?
Mary: Hi Olly, the best person for fees & charges Qs would be either Matthew (Regs Team) or Mark (Legal), since they've followed MIFID II for a lot longer. M
(Matthew is out of the office. Let’s try Mark.)
ROUND TWO
Me: Mark - Hi - I'm in IB legal - Mary gave me your name. i gather you're an expert on MiFID 2 re fees and charges?
Mark: Costs and charges? That falls under the Investor Protection part of the program. That is run by Luke.
(Luke is out of the office.)
Me: Great, thanks. Luke seems to be out of the office - does he have a deputy?
Mark: Joan is the business analyst on the costs and charges work-stream ... If she isn’t the right person, she'll point you in the right direction.
ROUND THREE
Me: Joan, hi! Mark tells me you're the business analyst on the costs and charges work-stream for MIFID 2? I'm really interested in getting the buy-side view on fee sharing and rebates. Would you have a few minutes to discuss?
Joan: Can we do on Friday next week? Also, in advance is our call, can you give some more background on your question?
Me: Actually I was hoping to speak to someone today. A 10 minute call - perhaps with someone in your team? - should help contextualise the question and may indeed answer it.
Joan: Sure. Speak to Andrea in Hong Kong.<ref>Someone in Hong Kong is running a MiFID workstream?
ROUND FOUR
Me: Andrea! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest.
Joan tells me you're the subject matter expert on this. Would you have a moment to speak today?
Andrea: Hi Olly. In fact, I look after the costs and charges disclosures under MiFID II. Anthony looks after inducements arising from payment of costs and charges. If you are referring to conflict of interest under inducements Anthony would look after that.
ROUND FIVE
Me: Anthony! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest as they relate to fee-sharing a arrangements. Andrea me that you're the subject matter expert on this! Would you have a moment to speak today?
Anthony: Hi. We have broken the MiFID 2 inducements workstream into two: non-monetary and monetary. I look after non-monetary. Monetary is Thomas.
ROUND SIX
Me: Thomas! Hi! we are investigating the MiFID 2 implications re inducements and conflicts of interest as they relate to fee-sharing a arrangements. Anthony tells me that you're the subject matter expert on this! Would you have a moment to speak today?
Thomas: have you tried Mary?
Voiceover: MARY IS THE PERSON HE STARTED WITH.