Reports, news and data relating to the insurance sector.

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The Senior Manager and Certification regimes entered into force on 7 March 2016 for banks, building societies, credit unions and PRA-regulated investment firms. The extension of the regime to all authorised financial services firms is to happen as soon as practicable (estimated by 2018). In May 2016, The British Bankers' Association and the Association for Financial Markets in Europe published a joint letter addressed to the FCA, calling on the FCA to exclude individuals with overall responsibility for the legal function from the scope of the senior managers regime.

Latest Reports

  • City, London

    The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

  • Glass sky

    Will Dibble (CMS Partner, UK) and Michael Cavers (CMS Partner, UK) held a seminar on PRIIPs Key Information Document requirements.

    Please click on the link in the title to download the PDF version of the seminar slides.

  • Europe from space

    This was a quiet week for Brexit news in the financial services sector. Her Majesty’s Government has yet to publish any detailed information about the proposals that it has announced for EU/UK financial services after the UK leaves the single market. Detailed analysis of the impact of Brexit (by UK ...

  • Europe from space

    Where we stand: The draft Withdrawal Agreement provides for a transition period from 29/03/19 to 31/12/20 during which the EU single market legislation, and its dual regulation coordination (DRC)/mutual recognition, would continue to apply to the UK. The UK has proposed (see Philip Hammond's speech of 7 March) that after ...

  • Europe from space

    BoE: Speech by Alex Brazier: Five years of macro prudential: regulating the Square Mile for all 94,000 square miles Text of this speech, given on 19 April 2018, follows. Topics include: post-crisis regulation; Brexit issues (including concerns over uncleared OTC derivative contracts) and the “unbundling” of bank services. Click here ...

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Agency Database

Future Dates

* Estimated date

  • 30 June 2018

    Date by which EIOPA is to submit first draft RTS under Article 10(7) of the IDD, relating to adapting certain amounts in euro, to the European Commission.

  • 1 July 2018

    Date by which Member States must transpose the Insurance Distribution Directive into domestic law.

  • 1 October 2018

    Application date of the Insurance Distribution Directive.