UK:
PRA Publishes Policy Statement On Internal Governance Of Third Country Branches
To print this article, all you need is to be registered or login on Mondaq.com.
The U.K. Prudential Regulation Authority (PRA) has issued a policy statement on the internal governance
arrangements of U.K. branches of non-EEA banks and PRA designated
investment firms, known as "third country branches."
The rules and supervisory statement cover general organizational
requirements; persons who effectively direct the business;
responsibility of senior personnel; skills, knowledge and
expertise; compliance and internal audit; risk control;
outsourcing; and record keeping. These rules replace the rules and
guidance in chapters 4 to 9, and 21, of the Senior Management
Arrangements, Systems and Controls section of the PRA Handbook. The
rules will come into effect on 7 March 2016. Press release.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
Asset Recovery Comparative Guide
Bird & Bird
Asset Recovery Comparative Guide for the jurisdiction of UK, check out our comparative guides section to compare across multiple countries
Q&A: Safe Harbours For VASPs - Part 1
Ogier
Asian Legal Business was keen to hear from our experts on how this will allow virtual asset services providers (VASPs) to anchor in theses jurisdictions, despite increased regulatory burdens...
Q&A: Safe Harbours For VASPs - Part 2
Ogier
In 2023, Jersey and the British Virgin Islands passed legislation indicating they were welcoming virtual asset service providers, joining the likes of the Cayman Islands...
CRD VI And Its Impact On Lending Into Europe
Cadwalader, Wickersham & Taft LLP
December 2023 saw the publication by the EU of the near-final version of its ‘Banking Package' that makes significant changes to the Capital Requirements Directive known as ‘CRD VI'.
Financial Promotion Exemptions – UK Government U-Turn
Shepherd and Wedderburn LLP
In response to criticism, the UK Government announced in the 2024 Spring Budget that recent changes to the financial promotion exemptions eligibility criteria would be partially reversed from 27 March 2024.