News & Analysis as of

Senior Managers Insurers Regime (SMIR)

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

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

by 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

UK: Corporate Insurance Newseltter – June 2017

by 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

Financial institutions M&A: Insurance

by White & Case LLP on

Current market: - Upward - Favourable environment for insurance M&A including ongoing consolidation in the life insurance sector...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

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

Roundup of upcoming cases and anticipated UK regulatory developments

by DLA Piper on

Cases to watch- Wall v RBS – is the bank entitled to an order requiring Mr Wall to identify the third party funder funding his case so that the bank can make an application for security for costs against the funder? Due...more

The Financial Report, Volume 5, Number 19

by DLA Piper on

A recent article by Todd Ehret, the Senior Regulatory Intelligence Expert for Thomson Reuters Regulatory Intelligence, points out that the SEC’s Office of Compliance, Inspections, and Examinations (OCIE), in its “2015...more

Corporate and Financial Weekly Digest - Volume XI, Issue 40

by Katten Muchin Rosenman LLP on

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

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

by Shearman & Sterling LLP 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

UK Regulators Revise Rules on Regulatory References

by Shearman & Sterling LLP 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

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

Regulatory decisions

by Dentons on

Senior managers regime, certification regime and conduct rules - Crucially, this period has seen the start of implementation of the new regime for individual accountability, although it will take a further year for it to...more

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

UK Financial Regulatory Developments - March 2016 #8

by Dentons on

Administrator’s charge not covered by mis-selling redress payment - A company’s former administrators sought an order under the Insolvency Act 1986 that their remuneration and expenses should be payable out of a sum owed...more

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

UK Financial Regulatory Developments - March 2016 #7

by Dentons on

PRA consults on risk-based levies for the FSCS deposits class - PRA is consulting on proposed changes to the Protection Part in the Rulebook, and on a new statement of policy in relation to the calculation of firm...more

UK Regulators Remove Certain Rules under Senior Manager and Certification Regimes

by Shearman & Sterling LLP on

The Prudential Regulation Authority and the Financial Conduct Authority published final rules removing certain requirements under the Senior Manager and Certification Regimes. The regulators consulted earlier this year on the...more

UK Financial Regulatory Developments - February 2016 #12

by Dentons on

Regulators update on strengthening accountability - PRA and FCA have published a policy statement setting out the feedback to consultations on regulatory references and the scope of responsibilities for key function...more

FCA publishes final rules on strengthening accountability in banking

by DLA Piper on

On 4 February 2016, the FCA set out further final rules on the new Senior Managers Regime (PS16/3: Strengthening Accountability in Banking - Feedback on CP15/22 (July 2015) and CP15/31 (October 2015); rules on extending the...more

Financial Regulatory Developments Focus - February 2016 #2

by Shearman & Sterling LLP on

Bank Prudential Regulation & Regulatory Capital US Federal Deposit Insurance Corporation Issues Proposed Rule to Facilitate Access to Deposits in Large Bank Failures On February 17, 2016, the US Federal Deposit Insurance...more

UK Regulators Joint Policy Statement on Regulatory References, Implementation of Senior Manager and Certification Regimes and...

by Shearman & Sterling LLP on

The Prudential Regulation Authority and Financial Conduct Authority jointly published a Policy Statement on the implementation of the Senior Manager and Certification Regimes, Senior Insurance Managers Regime and the...more

UK Regulator Extends the Senior Manager and Certification Regime

by Shearman & Sterling LLP on

The Financial Conduct Authority published a Policy Statement and final rules on the application of the Senior Manager and Certification Regimes to wholesale market activities, such as algorithmic and high-frequency trading....more

Financial Services Regulation - Exchange International Newsletter - Issue 28 - January 2016

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-eighth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

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

by 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

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