News & Analysis as of

Senior Management Regime (SMR)

FCA, PRA Sanction Barclays, Executive Re Whistleblower

by Dorsey & Whitney LLP on

The Commission has brought a number of actions seeking to protect whistleblowers. One action, for example, was brought against a firm which tried to bar former employees from talking to regulators by inserting provisions in...more

Implementation of the senior managers regime a key priority in the FCA's 2018/19 Business Plan

by Dentons on

Notwithstanding the need to prioritise EU withdrawal work, the topic of culture and governance continues to be one of seven cross-sector priorities in the FCA's 2018/19 Business Plan published on 9 April. It should come as no...more

Bridging the Weeks - April 2018 #5

J. Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission, proposed reforms to enhance swaps trading and reporting, the central clearing of swaps, swaps dealers’ capital, and persons subject to mandatory...more

Corporate & Financial Weekly Digest, Featuring Topics on SEC and UK/EU/Brexit Developments

SEC/CORPORATE - Delaware State Bar Association Council Releases Proposed Amendments to the Delaware General Corporation Law - The Corporate Council of the Corporation Law Section of the Delaware State Bar Association...more

Next Steps in the Asset Management Market Study

by Latham & Watkins LLP on

FCA publishes final rules and further consultation on outstanding remedies under its asset management market study. Key Points: ..The FCA has published a Policy Statement (PS18/8) setting out final rules and guidance...more

UK Banking Standards Board Publishes Principles for Strengthening Professionalism

by Shearman & Sterling LLP on

The Banking Standards Board has published the "BSB Statement of Principles for Strengthening Professionalism - The role of the firm", which is a guiding statement of principles intended to assist banks and building societies...more

Former Co-operative Bank Chair Paul Flowers banned from the financial services industry

by Dentons on

In a Final Notice that showcases the importance the FCA places on the role of Chair, the FCA has banned former Co-op Bank Chair Paul Flowers from the financial services industry. Although the events concerned predated the...more

Corporate Insurance Newsletter – February 2018

by Hogan Lovells on

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

Asset Management Regulatory Roundup - March 2018 - Issue 5

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry.This issue includes details of proposed changes to the Financial Services Register to accommodate the Senior Managers...more

Financial Regulatory Developments Focus - March 2018

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Regulator to Consult on Expanded Financial Services Register under the Senior Managers & Certification Regimes

by Shearman & Sterling LLP on

The Financial Conduct Authority has announced that it will be putting forward proposals for aligning the Financial Services Register with the expanded Senior Managers & Certification Regimes. The SM&CR has been in place for...more

Employment and immigration changes for 2018

by Dentons on

Many key employment developments are geared up to take effect in 2018. Here, we set out the main employment and immigration changes all employers should be aware of as the new year sets in...more

Is it all getting a bit out of hand? FCA Consultation Paper 17/40 on transitioning FCA firms and individuals to the Senior...

by Dentons on

The SMCR for banks has now been in place for almost two years, but only a few months after it was implemented, statutory amendments were made to allow for its extension to virtually all firms. During the second half of 2017,...more

Financial Markets Disputes and Regulatory Update - January 2018 - What can we learn from the second half of 2017

by Dentons on

Court decisions/impacts - Cases which consider the construction and use of standard form financial agreements almost always deserve reading. Most notable in this category is the judgment of the Court of Appeal in Dexia v....more

UK Regulators Consult Further on Extension of Individual Accountability Regime to All Financial Services Firms

by Shearman & Sterling LLP on

The UK Financial Conduct Authority and Prudential Regulation Authority have issued further consultations on aspects of the extension of the Senior Managers and Certification Regime to all firms authorized under the Financial...more

Second FCA Consultation Paper Published On Accountability 2

by DLA Piper on

On 13 December 2017, the FCA has published a technical Consultation Paper 17/40 (CP 17/40) on the extension of the Senior Managers and Certification Regime (SMCR) to the entire financial services industry. CPI 7/40 contains...more

Corporate and Financial Weekly Digest, Featuring Topics on Derivatives; CFTC; UK and EU Developments

by Katten Muchin Rosenman LLP on

CFTC - CFTC Approves Exemption From SEF Registration Requirements for Multilateral Trading Facilities and Organized Trading Facilities Authorized Within the EU - On December 8, in response to a request by the European...more

Regulation Round Up - October 2017

by Proskauer Rose LLP on

3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more

Extension of the senior managers and certification regimes

by DLA Piper on

The global financial crisis highlighted the difficulties with the culture in banks and in holding individuals to account for their failings. To help prevent the reoccurrence of these failings, the Parliamentary Commission...more

How will the extended SMCR apply to NEDs?

by Dentons on

The Financial Conduct Authority (FCA) has consulted on the way in which the senior managers and certification regimes (SMCR) will be rolled out to all authorised firms, probably from next year. From the inception of the SMCR,...more

The (Potentially) Long Arm of the SMCR

by Latham & Watkins LLP on

Firms will need to consider whether any individuals in group entities require approval as Senior Managers. Introduction - Much has already been written on the proposed extension of the Senior Managers & Certification...more

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

FCA Publishes Draft Rules to Extend the Senior Managers and Certification Regime to all Firms - The FCA published its long-expected consultation paper (CP17/25) on 26 July, with proposed rules to extend the senior managers...more

FCA Publishes Proposed Rules to Extend Senior Manager & Certification Regime to All Financial Services Firms

by Dechert LLP on

The UK’s Financial Conduct Authority (FCA) has published proposed rules to extend the senior manager & certification regime (SMCR) to all financial services firms....more

Financial Conduct Authority Consults on Senior Managers and Certification Regime

On 26 July 2017, the UK Financial Conduct Authority (FCA) published its much-anticipated Consultation Paper (CP 17/25) “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms.” The...more

Corporate and Financial Weekly Digest - Volume XII, Issue 29

BROKER-DEALER - SEC Cautions Securities Laws May Apply to Interests in Virtual Organizations - On July 25, the Securities and Exchange Commission issued a Report of Investigation cautioning that certain offers and sales...more

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