Authors: Sarah Thomas, Cat Dankos and Hywel Jenkins
At the end of January, the UK Financial Conduct Authority (FCA) issued a further consultation paper (CP19/4, the CP) on the Senior Managers and Certification Regime (SMCR). Responses to the CP are requested by 23 April 2019. Alongside other minor proposed changes which seek to “optimise” the SMCR, the key proposals are:
- For all firms (banks, insurers, and all solo regulated firms), the legal function will not need to have a SMF Manager responsible for it.
- Responsibility still has to be allocated to someone, but that individual does not need to be a SMF Manager.
- The FCA expects the Head of Legal to be a certified function and that the conduct rules will apply to all legal staff.
- Banks and insurers need to think about whether to change their SMF Manager allocations in light of this confirmation (as well as statements of responsibility and responsibilities map), and how to depict the position of the legal function on their responsibilities map.
- For all firms (banks, insurers and solo regulated firms) the certification regime definition of the ‘client dealing’ function has been clarified (with a narrowing effect). It will exclude individuals who have no scope to exercise discretion.
- Insurers and banks may wish to cross-check their existing pool of client dealing staff against the proposed new definition in readiness for the final rules.
- For solo regulated firms, the FCA has expanded the scope of the forthcoming Enhanced regime to cover more intermediaries.
- For limited scope solo regulated firms, Manager Conduct Rule 4 (SC4) will be amended to cover non-approved executive directors.
Authors: Kyle Wombolt and Anita Phillips
Kyle Wombolt, global head of corporate crime and investigations, and Anita Phillips, professional support consultant, have updated their guide to corporate investigations in China. This forms part of GIR’s acclaimed text, The Practitioner’s Guide to Global Investigations 2019, third edition. It is regarded as the only text covering the nuts and bolts of multi-jurisdictional corporate investigations.
It is anticipated that in around mid-2019, the Insurance Authority (IA) will take over the regulation of insurance intermediaries from the three self-regulatory organisations (SROs). In preparation for the commencement of the new regime, the IA has launched several public consultations on guidelines and rules. For our full briefing on these developments, please click here.
On 6 December 2018, the Securities and Futures Commission (SFC) published the conclusions to its consultation on proposed amendments to the Code on Unit Trusts and Mutual Funds (UT Code). The proposed amendments are aimed at updating the regulatory regime for SFC-authorised funds and addressing the risks posed by financial innovation and other developments. Continue reading
The Hong Kong Monetary Authority (HKMA) has recently released its first Guidance Note on Cooperation with the HKMA in Investigations and Enforcement Proceedings.
In releasing the guidance note, the HKMA has expressly signalled its desire to encourage and facilitate cooperation, noting that its benefits include time, cost and resource savings to both the HKMA and institution or individual concerned. Continue reading
The Financial Conduct Authority (FCA) has issued a joint consultation paper – Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends to authorise and regulate claims management companies (CMCs).
This Consultation will be of interest to:
- CMC’s operating in England, Scotland and Wales.
- Organisations that are not CMCs but have the potential to be affected by them
China is advancing its policies to open up its markets and attract more foreign investment. This year, the financial sector is one of the focus areas for liberalisation. On 11 April 2018, Yi Gang, the governor of People’s Bank of China announced a detailed timetable (Timetable) for certain liberalisation policies in respect of the financial sector. In this e-bulletin, we summarise the key aspects of the Timetable and some of the other related regulations which have been issued recently. Please click here to read our full briefing.
Welcome to the first edition of our Anti-Corruption Regulation Legal Guide for the Middle East.
We are delighted to launch this publication, which presents the legislative framework regulating bribery and corruption across arrange of Middle East jurisdictions, drawing upon the combined knowledge and experience of our lawyers, as well as qualified and experienced counsel in each of the jurisdictions covered. We understand this guide to be unique in terms of scope and content. Continue reading
Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies
As of 3 May 2018, according to CoinMarketCap, the current market capitalisation of Bitcoin and all other cryptocurrencies stands at USD409 billion. 193 cryptocurrency exchanges are now operating globally, located in many jurisdictions from South Korea to the Seychelles. Initial coin offerings (ICOs) have also flourished as a fundraising method. ICO funding for the first quarter of 2018 was USD6.3 billion, almost 20 percent higher than the previous year, according to Coindesk.
Effective from 5 March 2018, all corporations in Indonesia are required to disclose at least one person as their beneficial owner upon registering for business, pursuant to the Presidential Regulation (Perpres 13/2018) signed by President Joko Widodo on 1 March 2018. Continue reading