News & Analysis as of

Senior Managers Insurers Regime (SMIR)

BCLP

The journey from SIMR to SMCR for insurers

BCLP on

Insurers, reinsurers and managing agents (which we will refer to in this article as “insurers”) will be fully within the scope of the Senior Managers and Certification Regime (“SMCR”) regime from 10 December 2019, following a...more

Latham & Watkins LLP

Regulators Publish Final Rules on SMCR Extension

Latham & Watkins LLP on

The FCA and the PRA have published their Policy Statements, setting out final rules on the SMCR regimes for insurers and FCA solo-regulated firms. Key Points: ..The FCA has announced that the extended SMCR will apply to...more

Hogan Lovells

Insurance Horizons 2018

Hogan Lovells on

Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk. We also look in detail at M&A in the industry, sanctions and...more

A&O Shearman

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

A&O Shearman 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

WilmerHale

Culture and conduct through the lens of the UK’s Senior Managers and Certification Regime

WilmerHale on

Speaking on 20 September 2017, Jonathan Davidson—Director of Supervision for Retail and Authorisations at the Financial Conduct Authority (“FCA”)—addressed the issue of culture and conduct in financial services, in light of...more

Hogan Lovells

UK: Corporate Insurance Newseltter – June 2017

Hogan Lovells on

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

A&O Shearman

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

A&O Shearman 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

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 40

BROKER-DEALER – “Trade Match” and “Trade Acceptance” Clearing Submissions on FINRA’s Alternative Display Facility – On October 7, the Financial Industry Regulatory Authority issued a Trade Reporting Notice regarding...more

A&O Shearman

UK Financial Conduct Authority Discusses the Application of the Senior Managers Regime to a Firm's Legal Function

A&O Shearman on

The Financial Conduct Authority published a discussion paper about how and why the legal function currently falls within the Senior Manager & Certification Regimes and whether it should continue to do so. In the lead up to...more

A&O Shearman

UK Regulators Revise Rules on Regulatory References

A&O Shearman on

The Prudential Regulation Authority and the Financial Conduct Authority published revised rules on regulatory references for banking and insurance firms subject to the Senior Manager and Certification Regime and the Senior...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 30

BROKER-DEALER - FINRA Adopts Amendments on Resumption of Trading - The Financial Industry Regulatory Authority has adopted amendments to clarify the operation of the Regulation NMS Plan to Address Extraordinary...more

Katten Muchin Rosenman LLP

Senior Managers Regime Goes Into Effect in the United Kingdom

On March 7, the Senior Managers Regime (SMR) went into effect for UK-based banks and insurers, replacing the existing UK-approved person rules for all senior managers within scope at relevant firms. Other firms regulated by...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 10

BROKER-DEALER - SEC Announces Creation of Office of Risk and Strategy - On March 8, the Securities and Exchange Commission announced the creation of the Office of Risk and Strategy (ORS) within the SEC’s Office of...more

MoFo Reenforcement

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

MoFo Reenforcement on

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

Katten Muchin Rosenman LLP

FCA Clarifies Senior Managers Regime Expectations for Individuals With Overall Responsibility for a Firm’s Legal Function

On January 27, the Financial Conduct Authority (FCA) announced plans to consult on the application of the Senior Managers Regime (Regime) to individuals with overall responsibility for a firm’s legal function....more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 4

SEC/CORPORATE - Crowdfunding Portals Can Now Register With the SEC - As discussed in the November 6, 2015 edition of the Corporate and Financial Weekly Digest, on October 30, 2015, the Securities and Exchange...more

Morgan Lewis

New UK Regime to Strengthen Senior Management Accountability

Morgan Lewis on

On 7 March 2016, two new regulatory regimes governing the accountability of senior managers will take effect—the Senior Managers and Certification Regime will cover the banking sector, and the Senior Insurance Managers Regime...more

Dechert LLP

FCA and PRA Rules On Whistleblowing

Dechert LLP on

The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published new whistleblowing rules in October 2015 (click here for FCA policy and here for PRA) aiming to ‘encourage a culture in which...more

Katten Muchin Rosenman LLP

UK Senior Managers and Certification Regime To Replace FCA Approved Persons Rules for All UK Authorized Firms

HM Treasury has announced as part of a new bill introduced in the UK parliament, that the current proposals for rules requiring senior banking individuals to have more responsibility in designated areas within banks operating...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume X, Issue 42

SEC/CORPORATE - ISS Releases 2016 Draft Voting Policy Changes for Comment - On October 26, Institutional Shareholder Services (ISS), a leading proxy advisory firm, released for comment draft voting policy changes...more

Locke Lord LLP

New Risks - the New Senior Manager and Senior Insurance Manager Regimes

Locke Lord LLP on

From 7th March 2016 (and 1st January for insurers), a new regulatory financial services regime will be in place in the United Kingdom. The new regime is significant; it is intended to make it far easier for UK regulators; the...more

Dechert LLP

New Senior Managers Regime Heading in the Direction of Banks, Insurers, Fund Managers, Investment Funds, Asset Managers and Other...

Dechert LLP on

Fuelled by political and public concern about trust, standards and culture in the banking industry, sweeping changes to the way the UK financial sector is regulated are gathering pace. The need to reshape corporate culture is...more

Morgan Lewis

UK Financial Institutions: Proposals for New Senior Managers and Certification Regimes

Morgan Lewis on

With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more

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