A day in the life ...
An interview with Felicia Canté, Legal Counsel at Van Lanschot Kempen.
Felicia studied private law at the University of Amsterdam, and has worked at Van Lanschot Kempen since November 2018. Before this, she worked at NN (formerly ING IM) and ING IM in Hong Kong.
You work as a Legal Counsel. What does this involve?
In short, we provide advice on the consequences of new and existing legislation and regulations. This is very complex in practice, because rules are rarely unambiguous. We interpret the text and examine how the rules can be applied to our products and services, and whether we need to take action.
Since September of last year, the entire legal team of fifteen people has formed a single department. Before this, each business unit had its own legal team. As Legal Counsels, we can now work together more effectively, although of course everyone has their own specialisms. I mostly work for KCM, where I provide advice on fund management and asset management. This principally concerns legislation related to European directives for investors, such as the UCITS, AIFMD and MiFID.
So it's always about how legislation should be interpreted?
No, it's broader than that. For example, I also prepare contracts and assist with negotiations to ensure the legal side is properly arranged.
We also help clients comply with legislation and regulations. This includes pension funds, which have certain obligations when outsourcing activities. We don't give legal advice, but we do give tips. And, for example, we keep pension funds up to date by telling them about the issues that will arise in the future.
What is the difference between a Compliance Officer and a Legal Counsel?
Funny you ask. Before I moved from advocacy to business, I didn't fully understand how the tasks were divided either. Once again, to keep it simple: we ensure our colleagues from compliance understand the legislation and regulations. They subsequently ensure the organisation does not act in violation of the law. They also write the policy.
What makes a good day at work for you?
The best moment is working with various departments to solve a problem. I enjoy this type of collaboration. And on a really good day, we're not just occupied with the implementation of new regulations, for example, but also with improving our processes. It's a complex business, which means it's great if you can make something more practical or efficient.
And what makes a bad day?
If I have to spend the entire day writing memos at my desk. But that doesn't happen very often. A lot of my work is ad hoc, and thus dynamic.
Can you explain why the regulations are so complex?
A few years ago, American researchers calculated how long it would take to read and understand the privacy terms & conditions of the 75 most popular websites. They arrived at a total of at least 76 working days. Financial legislation is much more complex than privacy legislation. Each country has its own rules, and there is also legislation at European level. The laws are complex, and you receive clarification from lawmakers and parties such as the AFM, DNB and ESMA. Individual experts also often share their opinion, and you must know and apply all that information.
That sounds like an impossible task.
Thankfully, you don't have to do it alone. There is a natural overlap between our business units, so we can discuss a lot internally. And because there's always space for interpretation, we also agree standpoints with other asset managers. This allows us to help each other comply with the regulations.
Do you ever end up in court?
If there is space for interpretation, there will of course be discussions. We can usually resolve things amicably, or settle out of court. In fact I never litigate, but this does happen in other parts of the organisation. This includes our colleagues who are occupied with a court case related to the noise nuisance caused by the renovation of the Beethovenstraat. Everyone who works on the Beethovenstraat will understand this.