UK:
UK Regulators Consult On Extending Rules To UK Branches Of Non-EEA Institutions
26 March 2015
Shearman & Sterling LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On March 16, 2015, the Prudential Regulation Authority and
Financial Conduct Authority jointly published a consultation paper
on strengthening accountability in banking, setting out the PRA and
FCA's proposed plans for extending and tailoring the Senior
Manager's Regime, Certification Regime and Conduct Rules to UK
branches of non- EEA institutions. The proposals include: (i)
incoming non-EEA branches to have their most senior individual
approved by the PRA; (ii) senior managers of incoming branches to
be subject to a set of PRA responsibilities which reflect areas
subject to UK regulation; and (iii) for the scope of the PRA's
certification regime for incoming non-EEA branches to be identical
to that of UK firms. The new Senior Managers and Certification
Regime will apply from March 7, 2016. Comments on the consultation
may be submitted until May 25, 2015.
The consultation is available at: http://www.bankofengland.co.uk/pra/Documents/publications/cp/2015/cp915.pdf.
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.