2024 promises to be another busy year in the regulatory remuneration space. Banks will already be thinking about changes to their arrangements now the bonus cap has been lifted. Here’s a round-up of what else is new – some of...more
UK regulators have recently announced a number of reforms for banks and other financial institutions. - On 23 November 2023, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (together,...more
Planning for the 2024 annual reporting season is underway. We summarise the key legislative changes affecting London-listed companies for the upcoming season along with best practice recommendations....more
PRA and FCA plans to remove the bankers’ bonus cap requirements have been accelerated, giving banks flexibility to depart from a strict regulatory cap with immediate effect....more
The PRA and FCA have announced that the U.K. will be removing the bonus cap for individuals working in U.K. banks. The U.K.’s remuneration rules for the banking and financial services sector were introduced in the wake of...more
As predicted in our February 1, 2023, client alert, “ESG in 2022 and Predictions for 2023,” a global economic slowdown and ongoing backlash in the U.S. have slowed the momentum of some aspects of the environmental, social and...more
Welcome to May's edition of the UK Tax Round Up. This month has seen a number of interesting court decisions, an important opinion of the European Commission’s Advocate General and the commencement of a Treasury consultation...more
Amendments have been made to the FCA’s Dual-Regulated firms Remuneration Code under SYSC 19D and the Remuneration Part of the PRA Rulebook (together the “Remuneration Codes”) to implement the remuneration aspects of the EU...more
Investors have historically overlooked social factors amid a focus on the environmental and governance counterparts as they assess the merit of an investment. This may have been due in part to the difficulty in quantifying...more
Business continuity: SRB operational guidance on operational continuity in resolution and FMI contingency plans. The UK Prudential Regulation Authority (PRA) has published a policy statement, PS18/20, and the following...more
UK General Tax Developments - Date set for next UK Budget - The first Budget of the new Conservative government will be held on Wednesday 11 March. There has been significant speculation that there will be a major...more
The Hogan Lovells’ Corporate Insurance Newsletter for July and August has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more
FCA comments on increased use of “Periodic Auctions” after-MiFID II - The FCA has published a webpage on the use of periodic auction platforms as a method for share trading in light of their significantly increased use...more
Welcome to the March edition of the Proskauer UK Tax Round Up. As promised, the Spring Statement from the Chancellor focused on the economy and public finances without any major tax announcements. However, a few interesting...more
UK Tax News and Developments - The OTS publishes its report "Value added tax: routes to simplification" - On 7 November, the Office of Tax Simplification (OTS) published its first report on VAT, which included a range...more
UK Tax News and Developments - Government White Paper on Customs Bill - On 9 October, the Government published a White Paper setting out its approach to the introduction of a new customs and VAT regime after the UK...more
2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more
On 14 March 2017, the European Parliament resolved to adopt the Commission's proposal to amend the Shareholder Rights Directive. The amendments approved by Parliament include...more
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more
Brexit - House of Commons Library Publishes Briefing Paper on the "Great Repeal Bill" - The House of Commons Library published a briefing paper on 21 November 2016 on Legislating for Brexit, including in particular on...more
SEC/CORPORATE – SEC Division of Corporation Finance Issues Five Additional C&DIs Relating to Pay Ratio Disclosure Rule – On October 18, the Securities and Exchange Commission’s Division of Corporation Finance...more
Where are we on implementation? Are we nearly there yet? Yes and no. The UCITS V directive comes into force on 18 March 2016. But: Additional implementing rules (known as "Level 2") on the duties of UCITS...more
On 21 December 2015 the European Banking Authority (“EBA”) published its final guidelines on sound remuneration policies (the “Guidelines”), together with its opinion on proportionality (the “EBA Opinion”)....more
This alert will be of interest to FCA-authorised investment management firms that are registering, or are currently considering registering, as alternative investment fund managers (“AIFMs”). ...more
Updates for UK listed and regulated companies on incoming “say on pay” rules, the UK challenge to the EU “bonus cap” and new guidance on AIFMD remuneration rules. This Client Alert summarises three key developments...more