Tag Archives: Corporate Governance


On 26 March 2018, the Securities and Futures Commission (SFC) published a circular and a report following its second thematic review of sponsors. As with its first thematic review, the SFC found deficiencies in standards of conduct, due diligence practices, … Continue reading

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Filed under Hong Kong, Non-UK regulation, Regulatory Reform, Sector Updates by Herbert Smith Freehills

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

New corporate governance standards for Hong Kong authorised insurers came into effect on 1 January 2017

In October 2016, the Office of the Commissioner of Insurance (OCI) revised the Guidance Note on the Corporate Governance of Authorised Insurers (Revised GN10).  Under Revised GN10, the OCI not only enhanced the minimum standards of corporate governance that are … Continue reading

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Filed under Hong Kong, Insurance

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

EU: First appeal decision of the joint Board of Appeal of EBA, ESMA and EIOPS

Last month, the joint Board of Appeal of the European Supervisory Authorities (the Appeal Board) published its first decision allowing an appeal brought by an Estonian company, SV Capital OU (“the customer”) against the European Banking Authority (EBA).  The case arose following … Continue reading

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Filed under Estonia, EU, Europe, European Guidance, European Regulation, Finland, Uncategorized

UK: FCA provisional decision to fine and ban former NED of financial firm for failing to disclose conflicts of interest

The FCA has published a notice of its decision to fine a former non-executive director (NED) of two mutual societies £154,800, and to ban her from performing any role in regulated financial services.   The FCA considers that she breached the requirement to act with integrity … Continue reading

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Filed under Banking, FCA, Retail Banks, UK, UK Legislation

UK: Non-executive directors – new ICSA guidance on care, skill and diligence

The Institute of Chartered Secretaries and Administrators has issued new guidance on the liability of non-executive directors in the context of the statutory duty to exercise care, skill and diligence.  The guidance suggests ways in which non-executive directors can approach their … Continue reading

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Filed under Banking, Insurance, Retail Banks, UK

FSA prioritises effective corporate governance in insurers

Effective corporate governance within insurers, including in particular those operating with-profits businesses, has been a high priority for the FSA for some time.

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Filed under FSA, FSA Penalties, FSA Rules, Insurance