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Circle of delegation: Difference between revisions
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{{a|mgmt|}}The subtle art of [[delegation]], an essay on 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. | |||
[ | |||
''' | ====''ROUND ONE''==== | ||
'''Mary''': Hi | ''[[Jolly Contrarian|You]] chat '''Mary''', whom you know is fully involved in the [[MiFID 2]] [[inducements]] [[workstream]], not expecting your query to occupy most of the following 48 hours.'' <br> | ||
''' | '''[[Jolly Contrarian|You]]''': Hi Mary. could I pick your brains today about fee rebates under [[MiFID 2]]?<br> | ||
'''Mark''': Costs and charges? | '''Mary''': Hi [[Jolly Contrarian|Frank]], the best person for fees & charges questions would be either Matthew (regulatory affairs) or Mark ([[legal]]), since they've followed [[MiFID 2]] for a lot longer than I have. [[Thx]] M<br> | ||
''' | ''VOICEOVER: Matthew is out of the office. Let’s try Mark.'' <br> | ||
'''Mark''': | |||
====''ROUND TWO''==== | |||
''' | '''[[Jolly Contrarian|You]]''': 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> | ||
'''Joan''': Can we do on Friday next week? | '''Mark''': Costs and charges? That falls under the Investor Protection part of the program. That is run by Luke. <br> | ||
''' | |||
'''Joan''': Sure. Speak to Andrea.<br> | ''VOICEOVER: Luke is out of the office.''<br> | ||
[ | |||
''' | '''[[Jolly Contrarian|You]]''': 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> | |||
Andrea: Hi | |||
====''ROUND THREE''==== | |||
''' | '''[[Jolly Contrarian|You]]''': Joan! Hi! Mark tells me you're the business analyst on the costs and charges [[workstream]] 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> | ||
'''Anthony''': Hi. We have broken the inducements workstream | '''Joan''': Can we do on Friday next week? Also, in advance of our call, can you give some more background on your question?<br> | ||
'''[[Jolly Contrarian|You]]''': Actually I was hoping to speak to someone today. A 10 minute call, tops - 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.<br> | ||
''VOICEOVER: Someone in Hong Kong is running a [[MiFID 2]] [[workstream]].''<br> | |||
====''ROUND FOUR''==== | |||
'''[[Jolly Contrarian|You]]''': 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> | |||
'''Andrea''': Hi [[Jolly Contrarian|Frank]]. In fact, I look after the costs and charges ''disclosures'' under [[MiFID 2]]. 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''==== | |||
'''[[Jolly Contrarian|You]]''': 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> | |||
====''ROUND SIX''==== | |||
'''[[Jolly Contrarian|You]]''': 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> | ||
''Pause''<br> | |||
'''Thomas''': have you tried Mary?<br> | '''Thomas''': have you tried Mary?<br> | ||
''Voiceover: MARY IS THE PERSON HE STARTED WITH.'' | |||
{{ | {{sa}} | ||
*[[Circle of escalation]] | *[[Circle of escalation]] | ||
*[[Inverted delegation]] | *[[Inverted delegation]] | ||
{{draft}} | {{draft}} | ||
{{egg}} | {{egg}} | ||
{{ref}} | |||