News & Analysis as of

Senior Managers

Kinross-Lessons Learned on Internal Controls and Internal Audit

by Thomas Fox on

Yesterday the Securities and Exchange Commission (SEC) resolved a Foreign Corrupt Practices Act (FCPA) enforcement action involving Kinross Gold Corporation (Kinross). ...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

UK SMCR vs APR: Criminal Record Checks and the FS Register in the New Accountability Era

by Morgan Lewis on

The Senior Managers and Certification Regime (SMCR), which came into force in March 2016 for UK banks, PRA-designated investment firms, and UK branches of foreign banks, changes the way in which individuals working in...more

Bank Corporate Governance—Fed lowers Boom on Wells’ Directors

by Sullivan & Worcester on

On February 2, 2018, the Fed announced that it issued a consent Cease and Desist order with Wells Fargo—the bank holding company. The Fed’s press release noted that Wells is replacing 4 directors within this year (out of 17...more

UK: HM Treasury announces date on which SM&CR will apply to insurers

by Hogan Lovells on

On 29 January 2018, HM Treasury announced that the Senior Managers & Certification Regime (the “SM&CR”) will apply to insurers from 10 December 2018. This means that insurers have less than a year to ensure compliance with...more

Financial Markets Disputes and Regulatory Update - January 2018 - Regulatory developments

by Dentons on

Senior managers regime, certification regime and conduct rules (SMCR) - Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms, and extending the SMCR to Insurers - Consultation...more

Corporate Insurance Newsletter – December 2017

by Hogan Lovells on

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

Proposals Announced to Extend Senior Management Responsibilities in UK Financial Services

by Morgan Lewis on

Firms should establish implementation teams, create project plans, design procedures, and take several other measures to prepare for the new rules. The UK Financial Conduct Authority (FCA) has published three more...more

FCA consults over transitioning FCA firms to the Senior Managers and Certification Regime

by Dechert LLP on

The Financial Conduct Authority (“FCA”) published a consultation paper on 12 December 2017 addressing the transitioning of the senior manager and certification regime (“SMCR”) to all FCA authorised firms....more

Individual Accountability for PE Executives Continues to Increase Under Legal and Regulatory Changes

by Latham & Watkins LLP on

Corporate accountability has been a key focus for UK legislators and regulators since the credit crisis, as authorities have taken action against corporate failings. In our view, this focus is evolving to emphasise individual...more

The Extension of the Senior Manager and Certification Regime to All FCA Regulated Firms

by Locke Lord LLP on

The FCA has issued its long awaited consultation paper in relation to the extension of the senior manager and certification regimes to the wider financial services sector, after its implementation for banks, building...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

Senior Managers and Certification Regime 2018 Extension: FCA Consults

by Morgan Lewis on

The Financial Conduct Authority has published a Consultation Paper containing its proposals to expand the Senior Managers and Certification Regime to all FSMA-authorised firms; the window for providing comments to the FCA...more

Protecting Privileged Information From Former Senior Managers Can Be Tricky

by Burns & Levinson LLP on

As most attorneys know, a privileged communication only can be waived by the client, and when the client is an individual, it is obvious who controls that ability to waive. Things become murkier, however, when the client is a...more

OCIE Releases Results of Cybersecurity Examination Initiative

On August 7, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released a summary of its observations (the report) from cybersecurity examinations of 75...more

Senior Managers and Certification Regime: Implications for Fund Managers

by Goodwin on

The UK Government and the Financial Conduct Authority (FCA) have decided to replace the existing Approved Persons Regime with a new Senior Managers and Certification Regime. This will have significant implications for all UK...more

SFC (the “Commission”) Expresses Concern over Irregularities in Asset Management Activities

•The Commission has identified a number of regulatory concerns with respect to private funds and discretionary accounts, in particular, funds with concentrated, illiquid and interconnected investments. •The Commission has...more

Senior Managers and Certification Regime Extension

by Reed Smith on

The UK Financial Conduct Authority (FCA) has published its long-awaited consultation paper on extending the senior managers and certification regime (SMCRE) to all authorised firms. A separate consultation paper has been...more

Proposed Fed Guidance for Bank Boards of Directors

by Sullivan & Worcester on

Yesterday the Fed published a proposed guidance document for its expectations for board of directors of banks. The release only applies to the boards of banks with over $50 billion in consolidated assets, but the intent of...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

Extending the SMCR to FCA-only authorised firms: Our insights

by Allen & Overy LLP on

On 26 July 2017, the FCA published its much-anticipated consultation paper on the extension of the Senior Managers and Certification Regime (SMCR) to FCA-only authorised firms. We have set out below our initial thoughts on...more

Tribute to Martin Landau and Strength in the Middle

by Thomas Fox on

A company must have more than simply a good ‘Tone-at-the-Top’; it must move it down through the organization from senior management to middle management and into its lower ranks. This means that one of the tasks of any...more

Day 22 of One Month to Better Compliance Through HR-10 Questions to Better Operationalize Compliance

by Thomas Fox on

I conclude this month’s series inspired by an article in the Harvard Business Review, entitled “Does Management Really Work?” by Nicholas Brown, Raffaella Sadun and John Van Reenen. I found the article very useful because it...more

Unfair and Unbalanced-Episode 18

by Thomas Fox on

In this episode, Roy Snell and myself discuss how incentives are integral to the compensation plans of a wide range of workers. Many experts point to their value in rewarding behavior that is in the interest of the...more

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