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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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