News & Analysis as of

Prudential Regulation Authority

The Financial Report, Volume 6, Number 13

by DLA Piper on

Discussion and Analysis - Two of our items today focus on remarks by new SEC Chairman Jay Clayton and, if they are any indication of the direction the new Chairman intends to take the Commission, they could go a long way...more

Regulatory developments

by Dentons on

Final Notices - Former Logica employee sentenced in prosecution brought by FCA - Manjeet Mohal, 13 January 2017 - Manjeet Mohal, a former business analyst at Logica Plc, has been sentenced for insider dealing along...more

Prudential Regulation Authority Publishes Policy Statement on Strengthening Individual Accountability in Banking

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a Policy Statement on strengthening individual accountability in banking. The Policy Statement provides the PRA's final policy on a number of issues. Among other things, the...more

The Financial Report, Volume 6, Number 9

by DLA Piper on

US financial regulators discuss Volcker Rule. CNBC reported that US financial regulators are tackling one of Wall Street’s biggest concerns by discussing the Volcker Rule governing banks’ proprietary trading. Rich Foster,...more

The Financial Report, Volume 6, Number 8

by DLA Piper on

International Monetary Fund reviews top threats to markets and banks. The Wall Street Journal reported on the IMF’s warning that high corporate leverage could threaten financial stability as the Federal Reserve raises...more

Financial Conduct Authority Publishes Policy Statement on Application of its Conduct Rules to Non-Executive Directors

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement on applying conduct rules in the Code of Conduct sourcebook to non-executive directors in the banking and insurance sectors. In-scope NEDs are those who do not...more

Financial Conduct Authority Publishes Policy Statement and Final Guidance on the Duty of Responsibility

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement and final Guidance on how it will enforce the "duty of responsibility". The "duty of responsibility" came into force to replace the much-criticised so-called...more

Variation Margin Requirements Relief

by White & Case LLP on

According to the original timetable, the first implementation date in various G20 countries for uncleared over-the-counter ("OTC") derivative variation margin requirements was 1 September 2016 for the largest market...more

Prudential Regulation Authority Publishes Second Policy Statement on Implementing MiFID II

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a second Policy Statement and final rules implementing certain aspects of the Markets in Financial Instruments legislative package. Policy Statement 2 relates to aspects of...more

Latest FCA rules and guidance: SMCR, remuneration and whistleblowing

by Dentons on

On 3 May the FCA published a series of policy statements tidying up aspects of the senior managers and certification regime (SMCR) for banks and insurers as well as finalising rules on remuneration and on whistleblowing in...more

UK Regulator Requests Brexit Contingency Planning Assurance

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a letter to CEOs and branch managers of all banks, insurers and designated investment firms undertaking cross-border activities between the UK and the remainder of the EU,...more

UK HM Treasury Publishes Updated Special Resolution Regime Code of Practice

by Shearman & Sterling LLP on

HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain...more

UK Prudential Regulation Authority Publishes Final Consolidated Guidance on Remuneration

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a Policy Statement and final consolidated Supervisory Statement on its expectations on remuneration. In the latter part of 2016, the PRA consulted on its proposed changes to...more

BREXIT- Hand-over Your Contingency Plans…

by Reed Smith on

Earlier this month the Bank of England’s Prudential Regulation Authority (the ‘PRA’) wrote to all UK companies undertaking cross-border activities between the UK and the EU under passporting arrangements, requesting a summary...more

Bank of England Publishes Consultation on Internal Ratings Based Approach

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a consultation paper outlining the Prudential Regulation Authority's proposed changes to the Internal Ratings Based approach...more

Deadline Looms for Regulated Firms to Vary Their Permissions to Comply With MiFID II

by Shearman & Sterling LLP on

MiFID II comes into effect on 3 January 2018 and brings with it several important changes for regulated firms. Among these changes is an extension of the list of investment services and activities which firms require...more

What Do Recent Trends in PRA Fines Show Us About Its Enforcement Policy?

by Reed Smith on

This Client Alert looks at the enforcement activity of the PRA since its establishment to better understand its enforcement policy. At the time the disciplinary enforcement jurisdiction of the Prudential Regulation...more

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

by White & Case LLP on

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...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

US Federal Bank Regulators Issue Revised Economic Scenarios for 2017 Stress Testing

by Shearman & Sterling LLP on

The US Federal Reserve Board, the US Office of the Comptroller of the Currency and the US Federal Deposit Insurance Corporation each released revised economic scenarios for use by certain financial institutions with total...more

UK Regulator Publishes Proposals on Pillar 2A Capital Framework

by Shearman & Sterling LLP on

The Prudential Regulation Authority launched a consultation on proposed changes to the Pillar 2A capital framework. The Pillar 2A framework is effectively a layer of regulatory capital beyond standard requirements based on...more

Regulators Issue Guidance on Approach to Non-compliance with the Impending Variation of Margin Exchange Requirement

by Shearman & Sterling LLP on

The European Supervisory Authorities, the Financial Conduct Authority, the US prudential regulators, including the Federal Reserve Board and the Office of the Comptroller of the Currency, and the International Organization of...more

Regulation Round Up - February 2017

by Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...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

Welcome changes to the Enforcement Process: more streamlined, efficient and transparent

by WilmerHale on

The Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA") (collectively referred to as "the Regulators") published a joint policy statement ("the Statement") on 1 February 2017. The Statement...more

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