News & Analysis as of

PRA

Key Regulatory Topics: Weekly Update - 15 September 2017 – 21 September 2017

by Allen & Overy LLP on

CMA issues statement on investment consultancy market investigation - On 21 September, the CMA published its issues statement to set out the scope of the market investigation into the supply and acquisition of investment...more

Key Regulatory Topics: Weekly Update - 18 August 2017 - 24 August 2017

by Allen & Overy LLP on

Brexit - Brexit – ISDA position paper on, CCP location and legal uncertainty - On 21 August, ISDA published a position paper on Brexit, CCP location and legal uncertainty. The paper focuses on a possible location...more

Corporate Insurance Newsletter – July 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please see...more

The Carpenter Case and Other Privacy-Related News

by Revision Legal on

As we discussed in the last few weeks, privacy is repeatedly in the news. Washington lawmakers are trying again to update the Electronic Communications Privacy Act, the Stored Communications Act (the “SCA”), and the Pen...more

Regulation Round Up - April 2017

by Proskauer Rose LLP on

Key developments in April 2017: 3 April - The FCA published its Consultation Paper on persistent debt and earlier intervention remedies, “Reforming the availability of information in the UK equity IPO process”...more

UK regulatory innovation: So what's the Plan?

by Hogan Lovells on

In its 2015 Productivity Plan, the government committed to working with UK regulators to publish Innovation Plans setting out how legislation and enforcement frameworks could adapt to emerging technologies and disruptive...more

Exposing Bad Practice in Financial Services – Are New Whistleblowing Regulations Working towards Encouraging a Culture of...

by NAVEX Global on

September 2016 saw the enforcement of new rules by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) that aimed at increasing confidence amongst financial services employees and encouraging...more

The new regulatory references regime in the UK

by White & Case LLP on

The UK's Financial Conduct Authority and the Prudential Regulation Authority are introducing a new tool to enhance the accountability regime being rolled out in the financial services sector. On 7 March 2017, the new...more

"Regulators Provide Some Flexibility on the Swaps Variation Margin Compliance Deadline"

On February 23, 2017, U.S. federal banking regulators (Prudential Regulators), European regulators and the International Organization of Securities Commissions (IOSCO) issued statements clarifying their expectations on...more

The Senior Managers and Certification Regime: An Introduction for Private Equity Firms

by Hogan Lovells on

The Senior Managers and Certification Regime (SMCR) is a regime which governs the appointment and conduct of senior and key personnel at impacted firms. For banks, building societies and PRA-authorised investment firms, the...more

Blog: PRA consultation: Supervisory Statement on affirmative & silent cyber underwriting risk

by Cooley LLP on

The PRA has published a Consultation Paper, which proposes the adoption of a new Supervisory Statement on affirmative and silent cyber underwriting risk. The consultation closes on 14 February 2017. For these purposes,...more

Blog: Solvency II: the PRA on monitoring model drift & standard formula reporting for internal model firms

by Cooley LLP on

The UK’s Prudential Regulation Authority has published a brief Supervisory Statement, “SS15/16 Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model“. The PRA...more

New California Law Mandates Public Disclosure of Private Fund Information

by Goodwin on

A new California law requires public pension and retirement systems to obtain and publicly disclose information about their investments into venture capital, private equity, hedge and absolute return funds. The law appears to...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

by DLA Piper on

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

Blog: PRA Consultation On Internal Model Changes By UK Insurers

by Cooley LLP on

The PRA has published a consultation paper on “Solvency II: Changes to internal models used by UK insurance firms” (CP19/16). The consultation paper includes a short draft supervisory statement, which sets out the PRA’s...more

Blog: PRA To Consolidate Its Collection Of Solvency II Directors’ Letters

by Cooley LLP on

Between 1 April 2013 and 15 February 2016, the PRA published a series of Solvency II Directors’ letters, Executive Directors’ letters, and Feedback Statements, so that everyone knew what its expectations were, as it developed...more

Blog: PRA Explains Its Supervisory Priorities For General Insurers In 2016 / 7

by Cooley LLP on

The PRA has published a letter from Chris Moulder, its general insurance director, to the CEOs of the 26 general insurers and Lloyd’s syndicates that participated in its 2015 General Insurance Stress Testing exercise. The...more

Seyfarth Submits Comments to EEOC Regarding Proposed Pay Data Collection under EEO-1 Report

by Seyfarth Shaw LLP on

Seyfarth Synopsis in a Second: Seyfarth Shaw submitted comments on behalf of the U.S. Chamber of Commerce and standalone comments on behalf of the Firm and its clients responding to the EEOC’s proposal to mandate that...more

Blog: Solvency II – It’s Not Just About The Model: The PRA’s Expectations Laid Bare

by Cooley LLP on

Chris Moulder, the PRA’s Director of General Insurance, delivered a speech to the Worshipful Company of Insurers’ iNED Forum yesterday. Here are the headlines: - The PRA has approved 19 internal models so far. Internal...more

Blog: UK Government Publishes Insurance Linked Securities Consultation

by Cooley LLP on

HM Treasury has published an “Insurance Linked Securities: Consultation“, which describes the UK government’s initial thinking about the key features needed to attract ILS vehicles to the UK. The consultation focuses on...more

Blog: The Senior Insurance Managers Regime: Building A Library – Rules On Regulatory References Updated

by Cooley LLP on

The PRA and FCA have published a joint policy statement: “Strengthening accountability in … insurance: Implementation of … SIMR; and PRA requirements on regulatory references“. The policy statement includes “Regulatory...more

Blog: Lloyd’s CRO Urges Insurers To Contingency Plan Against The Risk Of #Brexit. Was He Right To Do So?

by Cooley LLP on

Lloyd’s Chief Risk Officer, Sean McGovern, spoke to the Insurance Institute of London yesterday about the impact of a possible Brexit on insurers, reinsurers and brokers. The speech was delivered at a sensitive time, and with...more

Financial Services Weekly News - January 2016 #4

by Goodwin on

Regulatory Developments - Under Review: Deposit Insurance Assessments for Small Banks - On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more

Blog: UK’s PRA publishes Questions & Answers on the Senior Insurance Managers Regime

by Cooley LLP on

The UK’s PRA has published a set of Q&As on the Senior Insurance Managers Regime that are well worth reading if you outsource your internal audit or actuarial functions, and you’re still struggling to make sense of the rules...more

New rules on whistleblowing for UK financial institutions

by Reed Smith on

The FCA and PRA have announced a new package of rules aimed at formalising whistleblowing procedures within certain financial institutions. The rules will be implemented on 7 September 2016; however firms covered by the new...more

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