Tag Archives: financial services

UK: Whistleblowing – new rules for UK branches of foreign banks and insurers

The FCA and PRA have recently published new rules on whistleblowing procedures for UK branches of foreign banks and insurers, which will apply from 7 September 2017. UK branches will need to ensure their staff are informed of the option of … Continue reading

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Filed under Jurisdiction: UK, Whistleblowing

UK: FCA/PRA publish whistleblowing rules for UK branches

The FCA and PRA have recently published new rules on whistleblowing procedures for UK branches which will apply from 7 September 2017. In October 2015 the FCA and PRA introduced new rules requiring relevant deposit-takers and firms to introduce internal … Continue reading

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Filed under Jurisdiction: UK, Whistleblowing

Hong Kong: MIC Regime – Implications for HR

On 16 December 2016, the Securities and Futures Commission (SFC) issued a circular which introduces new measures to heighten the individual accountability of senior management of licensed corporations (LCs), through the designation of one or more Managers in Charge (MIC) … Continue reading

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Filed under Jurisdiction: Asia

UK: ESMA publishes final versions of UCITS V and updated AIFMD remuneration guidance – where are we now?

ESMA has published the final version of its guidance on the remuneration provisions of UCITS V, available here, and the updated guidance on the AIFMD remuneration provisions, available here. These final versions are the same as those included in in … Continue reading

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Filed under Remuneration (including bonus and incentive plans)

UK: FCA and PRA final rules on regulatory references – strengthening accountability in banking and insurance

The FCA and PRA have published new policy statements relating to regulatory references under the new accountability regimes for banks and insurers, which will come into force on 7 March 2017 (see FCA PS16/22 and PRA PS27/16). Banks and insurers … Continue reading

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Filed under Jurisdiction: UK, Termination of employment

UK: PRA Crack-down on Buy-out awards

The Prudential Regulation Authority (PRA) has published its latest policy statement on remuneration, focussing on buy-out awards granted to employees who move between banks, building societies and PRA-designated investment firms, including UK branches of non-EEA headquartered firms. The new rules … Continue reading

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Filed under Jurisdiction: UK, Remuneration (including bonus and incentive plans)

UK: Are you ready for the UCITS V Remuneration Code?

UCITS V is now in force and management companies will become subject to the remuneration code and disclosure requirements over the course of 2016. The FCA has published the final version of the UCITS Remuneration Code (SYSC19E), as well as … Continue reading

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Filed under Jurisdiction: UK, Remuneration (including bonus and incentive plans)

UK: PRA proposes giving former employers power to reduce buy-outs granted by the new employer

The Prudential Regulation Authority has published a consultation paper setting out its proposal for a new approach to "buy-out" awards, with the stated aim of ensuring that employees cannot "avoid the proper consequences of their actions" by taking up new … Continue reading

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Filed under Jurisdiction: UK, Remuneration (including bonus and incentive plans)

UK: Financial services: consultation on regulatory references and planned extension of Senior Managers Regime

The FCA and PRA are consulting until 7 December on proposed changes to the way relevant firms seek and provide references for candidates of certain roles, including to require references to be given going back six years and for references … Continue reading

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Filed under Jurisdiction: UK

UK: New FCA and PRA whistleblowing rules

The FCA and the PRA have both published policy statements on their new rules on whistleblowing: FCA policy statement (PS15/24) entitled "Whistleblowing in deposit-takers, PRA-designated investment firms and insurers"; and PRA policy statement (PS24/15), also entitled "Whistleblowing in deposit-takers, PRA-designated … Continue reading

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Filed under Jurisdiction: UK, Whistleblowing