Global Financial Regulatory Blog

Category Archives: Individual Accountability and Governance

Subscribe to Individual Accountability and Governance RSS Feed

Key Regulatory Developments in Hong Kong and Singapore: September 2020

Regulators consult on anti-money laundering guidelines and issue guidance on cybersecurity, best execution, and senior management accountability. By Farhana Sharmeen, Simon Hawkins, Kenneth Y.F. Hui, and Marc Jia Renn Tan This blog post summarizes key regulatory developments in Hong Kong and Singapore during September 2020, including: (i) the SFC’s consultation on enhancements to its Guideline on … Continue Reading

FCA and PRA Statement on SM&CR and COVID-19: Expectations of Dual-Regulated Firms

UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review. By Rob Moulton and Anna Lewis-Martinez On 3 April 2020, the FCA and the PRA released a statement announcing several new governance measures for dual-regulated firms amid the COVID-19 outbreak under the Senior Managers and … Continue Reading

UK Government Temporarily Suspends Wrongful Trading Rules to Assist Company Directors

Proposed changes to UK insolvency laws aim to support companies under pressure due to COVID-19. By Rob Moulton and Anna Lewis-Martinez On 28 March 2020, the UK government announced a number of reforms to UK insolvency laws: The temporary suspension of existing wrongful trading rules retrospectively from 1 March 2020 for three months, so that … Continue Reading

FCA Issues Guidance on Key Workers in Financial Services

The FCA has clarified which people working in regulated financial services firms will meet the definition of a “key worker”. By Rob Moulton On 19 March 2020, the UK government published guidance setting out which “key workers” will be permitted special status as regards to educational provision for their children. (It is possible that this … Continue Reading

US Baseball Scandal Provides Valuable Lessons on Corporate Culture

The Commissioner held senior leadership accountable for illegal “sign-stealing”, even though the conduct generally involved players and low-level operations employees. By Nathan H. Seltzer, David Berman, Christopher D’Agostino, and Nell Perks On 13 January 2020, the Major League Baseball Commissioner handed down significant punishment (including fines and suspension) to the Houston Astros baseball team and … Continue Reading

FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules

All firms should take note of the FCA’s latest feedback on SMCR implementation. By Rob Moulton, Charlotte Collins and David Berman In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the Certification Regime and, most particularly, the Conduct Rules. While the FCA’s … Continue Reading
LexBlog