Tag Archives: financial services
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
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
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
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
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
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
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
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
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have proposed not to introduce financial incentives for whistleblowers, concluding that introducing financial incentives would be unlikely to improve the number or quality of disclosures received from whistleblowers (see here).
The proposed approach to the UK implementation of the cap on variable remuneration, being introduced by the amended capital requirements directive (CRD IV), has now been announced by each of the Prudential Regulation Authority and the Financial Conduct Authority. The … Continue reading