Tag Archives: Senior managers

Increased focus on board and senior management in Hong Kong as HKMA issues enhanced guidance on corporate governance

On 6 October 2017, the Hong Kong Monetary Authority (HKMA) issued a circular to announce the publication of two revised Supervisory Policy Manual (SPM) modules, namely CG-1 “Corporate Governance of Locally Incorporated Authorised Institutions” and IC-1 “Risk Management Framework”. Revisions … Continue reading

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Filed under Asia, Hong Kong

Asset managers and their senior management (including MICs) warned of action for regulatory non-compliance in Hong Kong

Boards and senior management (including Managers-in-Charge of Core Functions (MICs)) of asset managers have been called on by the Hong Kong Securities and Futures Commission (SFC) (31 July 2017 circular) and the Hong Kong Monetary Authority (2 August 2017 circular) … Continue reading

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Filed under Hong Kong, Regulatory Reform

Hong Kong Manager in Charge regime: Implications for HR

On 16 December 2016, the Securities and Futures Commission 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 (MICs) of … Continue reading

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Filed under Hong Kong

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

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

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

UK: Fair and Effective Markets Review publishes its final report

The Fair and Effective Markets Review (FEMR) has published its final report, setting out 21 recommendations to help restore trust in the wholesale Fixed Income, Currency and Commodity (FICC) markets.  The report follows the consultation which concluded on 30 January … Continue reading

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Filed under Bank of England, Banking, FCA, PRA, Regulatory Reform

Solvency II and Non-Executive Directors

The PRA and FCA have confirmed their approach to non-executive directors (NEDs) under the Senior Insurance Managers Regime (SIMR).  Some NEDs will have to be pre-approved by the regulator; others, so-called “Standard” NEDs, will not.

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Filed under FCA, Insurance, PRA

Hong Kong regulators call on senior management to ensure that their firm’s information security management and system security controls are effective

Senior Managers of firms licensed by the Securities and Futures Commission (“SFC”) should take heed of the twin circulars recently issued by the regulator, which broadly address the security and integrity of a firm’s information management system.  These SFC circulars follow … Continue reading

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Filed under Asia, Banking, Hong Kong

Irreconcilable differences? Bank directors, shareholders and regulators

Those tasked with governing UK banks have always faced difficulties in balancing competing interests.  This stems in part from the fact that banks must be operated in accordance with both company law and applicable financial services regulation.  The two regimes … Continue reading

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Filed under Banking, FCA, Investment banking, PRA, Retail Banks, UK, UK Legislation