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Showing 1 - 10 of 172 matches filtered by 'Governance'

  • Financial Market Infrastructures – a new era of responsibility for individuals

    HMT has announced that it intends to proceed with its new Senior Managers & Certification Regime (SM&CR) for financial market infrastructures (FMIs). The new regime will be similar to the SM&CR for other regulated financial services firms, and will introduce a new era of personal responsibility for individuals within FMIs. ...
  • Critical Third Parties to the financial services sector: the dawn of a new era

    Background HMT has confirmed that it will legislate to permit UK financial regulators to directly oversee and supervise (previously unregulated) “critical” third parties (“CTPs”) that provide services to the finance sector. Financial services firms have become increasingly reliant upon cloud and other third-party providers in recent years, coming to rely ...
  • New SM&CR for FMIs proposed by HM Treasury

    HM Treasury is proposing to introduce a Senior Managers and Certification Regime (“SM&CR”) for financial market infrastructures (“FMIs”) to encourage effective governance, incentivise good behaviour and ensure employees give adequate oversight to the areas for which they are responsible. The deadline for responses is 22 October 2021. The FMIs covered ...
  • Executive Remuneration: Consultation on Restoring trust in audit and corporate governance

    The UK Government’s Consultation on restoring trust in audit and corporate governance (which can be found here) has implications for executive remuneration policies in the UK. The Consultation is open to everyone but will be of particular interest to large privately-owned companies, FTSE350 companies, users and preparers of accounts, and ...
  • Remuneration and Culture for Regulated Firms

    Welcome to the fourth article in our Executive Remuneration series. In this article, we expand on considerations and issues of culture within the context of remuneration for regulated firms, which were briefly touched on in previous articles within this series. Although there are a large number of other considerations that ...
  • Executive Remuneration in a post-Covid world

    This is the first in our new series focusing on Executive Remuneration. In this update we look at Executive Remuneration during the pandemic and consider some of the key points that organisations should take into account during these unique times. Given the stark statistics that between March and June 2020, ...
  • FCA publishes Final Guidance and Dear CEO letter on Coronavirus and Safeguarding Customers' Funds

    The FCA has released its finalised guidance (the “Guidance”) for payment institutions’ (“PIs”) and electronic money institutions’ (“EMIs”) (together known as “Payment Firms”) in the context of Coronavirus. The Guidance follows on from proposals published by the FCA on 22 May 2020 (the “Proposals”) (see our summary here). The Guidance ...
  • FCA Extension of the Senior Managers & Certification Regime (SM&CR) implementation periods for solo-regulated firms

    The deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons has been extended from 9 December 2020 to 31 March 2021. To ensure consistency, the FCA is set to consult on the delay of further SM&CR requirements. Background On 30 ...
  • The new prudential regime for investment firms: ten key points to know now

    The prudential regime for investment firms in the UK and EU is expected to change significantly in just over a year’s time, resulting in changes that firms need to understand and prepare for now. From 26 June 2021, it is expected that the Investment Firms Regulation (the “IFR”) and the ...
  • Senior Managers and Certification Regime (SMCR) expectations during the Coronavirus crisis

    The PRA and FCA have set out their regulatory expectations for both dual and solo-regulated SMCR firms impacted by Covid-19, recognising that firms need flexibility in order to manage their governance arrangements and obligations under the SMCR during this unprecedented time. Joint FCA and PRA statement Senior Managers and Certification ...