Regulatory Reform

PRA and FCA provide feedback on the implementation of the Senior Managers’ and Certification Regimes for banks and insurers, and propose adjustments to strengthen the regime

On 28 September 2016, the FCA and PRA (the Regulators) issued a suite of papers setting out their feedback on the implementation of the Senior Managers and Certification Regime (SMCR), together with new proposals for amending some of its provisions … Continue reading

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Filed under FCA, PRA, Regulatory Reform

Hong Kong SFC commences consultation on enhancing regulation of asset management industry and point-of-sale transparency

The Securities and Futures Commission (SFC) has announced the launch of a three-month consultation regarding proposed enhancements to the regulation of the asset management industry and other amendments aimed at enhancing point-of-sale transparency and addressing conflicts of interest in the … Continue reading

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Filed under Asia, Hong Kong, Regulatory Reform

UK: FCA Asset Management Market Study – Interim Report

The FCA has published its Asset Management Market Study Interim Report, which can be accessed here, with annexes. The FCA sets down a clear marker as to its direction of travel. Clearly uninhibited by Brexit on the horizon, it is … Continue reading

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Filed under Asset management, FCA, UK

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 FCA, PRA, UK

PRA and FCA updated guidance on CRDIV remuneration rules

The PRA and FCA have each issued consultation papers setting out draft updated guidance in respect of the CRDIV remuneration rules. The proposed updates from the PRA, available here, will consolidate the various existing PRA guidance documents into one, and … Continue reading

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Filed under FCA, PRA, Regulatory Reform

#MAR_bitesize

Managers' Transactions – Restrictions and Notification Requirements As was the case under the previous market abuse regime, MAR imposes various obligations on persons discharging managerial responsibility (PDMRs) in listed companies and their dealings in the securities of the company which … Continue reading

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Filed under European Regulation, FCA

Corporate Crime Monthly Update September 2016

Welcome to the September 2016 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, please click … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Europe, Investigations, JURISDICTIONS, Non-UK regulation, Regulatory Reform, Sanctions and Money Laundering

#MAR_bitesize

New Market Abuse powers for the FCA (2) Powers to require information from issuers, PDMRs and persons closely associated to PDMRs The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations") were passed to ensure that UK law … Continue reading

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Filed under Asset management, Banking, FCA, HM Treasury, Insurance, Investigations, Investment banking, Uncategorized

#MAR_bitesize

New Market Abuse powers for the FCA   The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 On 29 June 2016, the Government adopted the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (the "regulations").  This left … Continue reading

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Filed under Estonia, EU, Europe, European Regulation, FCA, France, Germany, Italy, Liechtenstein, UK Regulations, Uncategorized

UK: One month to deadline for implementing FCA and PRA whistleblowing rules

Given the distractions of the summer holiday season and the aftermath of the Brexit referendum, it would be understandable if other developments slipped off the radar. However, there is one particular deadline for regulated firms that demands urgent attention.  Under … Continue reading

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Filed under FCA, Insurance, Investment banking, PRA, Retail Banks, UK