The month ahead in financial services regulatory developments…

In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation for June 2019. 3 Jun Deadline for responses to FCA call for input on the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) evaluation; FCA to conduct ongoing research to gather … Read more

Latest Shake-up of the Remuneration Provisions for Banks and Investment Firms Part 2: Banks and credit institutions

Authors: Mark Ife and Paul Ellerman After over two years of debate, agreement has finally been reached on the proposed directive amending the Capital Requirements Directive (which is generally being titled CRD5), and the European Council has published its final text. As detailed in our previous briefing, however, the proposed new prudential regime for investment … Read more

Corporate Crime update – December 2018

Welcome to the December 2018 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This month, we would like to wish all of our regular readers a very happy, and hopefully corporate crime free, festive season!  For the full update on each jurisdiction, … Read more

UK: A guide to the PRA’s proposals on the Solvency II remuneration rules

The PRA has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance).  The Draft Guidance is, in certain respects, materially more onerous than may have been expected.  In particular, it provides that firms must ensure that at least 40% of the variable remuneration of senior … Read more

EU: ESMA disagrees with the EBA on proportionality: guidelines on remuneration under UCITS V are published for consultation

On 23 July 2015, the European Securities and Markets Authority (“ESMA”) published its draft guidelines on the implementation of the UCITS V remuneration principles for consultation.  In the consultation, ESMA’s approach to the application of proportionality differs from that of the European Banking Authority (EBA) in its consultation on revised CRD IV remuneration guidance, with ESMA suggesting that the co-legislators may have envisaged the … Read more

EU sanctions update: Russia

Our latest briefing summarises recent developments in the EU’s sanctions imposed against Russia.  In particular, we provide an overview of (a) new measures relating to Crimea and Sevastopol and (b) new European Commission guidance on certain of the financial sector restrictions applied to listed Russian entities.  For further background on these sanctions, please see our … Read more