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Banking Sector Corporate Governance Financial Conduct Authority (FCA)

A&O Shearman

Executive directors “knowingly concerned” in bank’s breach of the UK listing rules

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The UK Upper Tribunal (Tax and Chancery) has upheld the Financial Conduct’s Authority’s (FCA) decision to take action against two former executives of a bank for being “knowingly concerned” in the bank’s breach of the listing...more

BCLP

Upper Tribunal Ruling in the Case of Craig Donaldson and David Arden (Metro Bank)

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The Upper Tribunal has upheld the FCA’s decision that the CEO and CFO of Metro Bank were knowingly concerned in the Bank’s breach of the Listing Rules....more

A&O Shearman

UK bankers' remuneration reform: proposed relaxation of deferral and retention rules in focus

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PRA and FCA proposals to simplify bankers’ remuneration rules would relax certain key restrictions on bankers’ variable pay, giving banks more flexibility in remuneration design and improving their recruitment potential....more

A&O Shearman

FCA publishes review of liquidity risk management at wholesale trading firms

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The UK Financial Conduct Authority (FCA) has published observations on good and poor liquidity risk management practices from its multi-firm review of wholesale trading (sell-side) firms in scope of the Investment Firms...more

A&O Shearman

UK bankers' remuneration reform: individual accountability

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The PRA and FCA have proposed new rules to integrate the UK’s remuneration regime and accountability regime under the SMCR more closely, including a requirement for firms to consider adjusting MRTs’ variable pay (using malus...more

A&O Shearman

UK Prudential Regulation Authority response to HM Treasury November 2024 letter on remit and recommendations

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HM Treasury has published a letter (dated December 18, 2024) from Andrew Bailey, BoE Governor, in his role as Chair of the Prudential Regulation Committee. In the letter, Mr Bailey sets out the response of the PRC to HMT's...more

A&O Shearman

UK bankers’ remuneration reform: MRT proposals in focus

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PRA and FCA proposals to revamp bankers’ remuneration rules would reduce the number of in-scope material risk takers (MRTs), while enabling more MRTs to benefit from proportionality exclusions. Banks would have greater...more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA and FCA Offer New Guidance on How Changes in Control Will Be Assessed

On 1 November 2024, the UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint policy statement (PS 18/24) on the prudential assessment of acquisitions and increases in control. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK and EU Bank Remuneration Regimes Begin To Diverge

In the aftermath of the 2007-09 global financial crisis, the G20 nations committed to reforming bank remuneration frameworks in response to criticism that excessive risk-taking at banks incentivised by poorly structured pay...more

Skadden, Arps, Slate, Meagher & Flom LLP

Regulators Tighten the Reins: Scrutinising Non-Financial Misconduct Rules in Lloyd’s

Financial services regulators are intensifying their scrutiny of non-financial misconduct (NFM) within the financial services industry. Related to this, the insurance marketplace Lloyd’s of London published a...more

A&O Shearman

UK FCA proposals to publicise enforcement investigations: Unanswered questions remain

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Last week, the UK Financial Conduct Authority (FCA) unveiled a 'Part 2' consultation paper detailing a revised version of its controversial proposals to publicly name firms under enforcement investigation. This development...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investing in Fintechs – Navigating the UK Regulatory Approval Process

As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more

A&O Shearman

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

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Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

A&O Shearman

D&I in FS: how to get a head-start on the FCA and PRA proposals

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This is the last post in our series on the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposals to introduce a new regulatory framework on diversity and inclusion (D&I) in the financial...more

A&O Shearman

UK regulators expectations on governance and DI within financial services firms

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The recent proposals from the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on diversity and inclusion (D&I) include proposals in respect of governance and oversight within in-scope firms....more

A&O Shearman

D&I as a non-financial risk: considerations for control functions

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Proposals from the UK financial regulators aimed at improving diversity and inclusion (D&I) in the UK financial services sector include an explicit expectation for all in-scope firms to consider a lack of D&I as a...more

A&O Shearman

Setting D&I targets: what the UK regulators expect from financial services firms

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The UK financial services’ regulators have introduced new proposals on setting diversity and inclusion (D&I) targets by firms. These proposals aim to address underrepresentation of particular demographics within firms and the...more

BCLP

Corporate Briefing - November 2023

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more

A&O Shearman

UK Regulators Confirm Bonus Cap Being Scrapped

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The U.K. Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement confirming the "bonus cap" will be removed. Banks are subject to compensation requirements for staff who have a...more

BCLP

Banking Bites - August 2022

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Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market....more

BCLP

Banking Bites - May 2022

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Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market....more

A&O Shearman

UK Conduct Regulator Calls for Changes to Regulatory Perimeter

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The U.K. Financial Conduct Authority has published its annual Perimeter Report. The report discusses the FCA's existing remit and highlights areas where potential consumer harm could be mitigated if the regulatory perimeter...more

BCLP

Financial Services Act 2021 - changes to PDMR notifications

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The Financial Services Act 2021 (the “Act”) has received Royal Assent and is now law. What does this mean for issuers?...more

A&O Shearman

Certification Deadline Extended for UK-Solo-Regulated Firms

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A U.K. statutory instrument—The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020—has been published. This extends from December 9, 2020, to March...more

Proskauer Rose LLP

Regulation Round Up - February 2020

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3 February - The European Banking Authority (“EBA”) published a report on the benchmarking of diversity practices in credit institutions and investment firms under the CRD IV Directive (2013/36/EC)....more

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