Editor's message: In the last 10 years, the financial services sector has had to cope with a major regulatory shake-up following the global financial crisis of 2008 and the series of financial scandals that came to light.
The financial changes have not yet ended and continue at a pace. After seven years in the making, MiFID II came into force on 3 January 2018. MiFID II reaches across the financial services sector and affects nearly all aspects of finance, including: personal transactions and inducements; recruitment; monitoring telephone and electronic communications; training and competence requirements; and remuneration.
And on the issue of remuneration, the EBA produced new guidelines, which have applied since 30 June 2018. The aim of the guidelines is to reinforce the harmonisation of internal governance arrangements, processes and mechanisms in institutions within the EU in line with the requirements under the Capital Requirements Directive IV.
Turning to the new regimes, the FCA has published its near-final rules on the extension of the Senior Managers Regime (SMR) and the Certification Regime (CR) to all FCA solo-regulated firms. The SMR and CR will apply to these firms from 9 December 2019.
The evolving regulatory landscape can be challenging for financial organisations. Our financial services manual will help you as it covers the key aspects of the new regulatory world, including the SMR and CR, MiFID II, new rules and requirements, practical implications and future developments.
Fiona Cuming, employment law editor
With Brexit looming and AI threatening to replace roles, assessment now has a broader role to play in resolving key talent challenges in the financial services sector, says Andreas Lohff.
Updated to include information on the Government's proposals for market access for financial firms after Brexit.
Updated to reflect that the joint guidelines issued by the ESMA and EBA are in force.
Updated to include information on the FCA and PRA policy statements on the extension of the SMR and CR to insurers and to all FCA-authorised firms.
Updated to include information on the 2018 UK Corporate Governance Code, effective from 1 January 2019.
Updated to include information on the FCA's proposal to introduce a new public directory of individuals working in financial services.
Updated to include information on FCA policy statements on the extension of the SMR and CR to insurers and to all FCA-authorised firms.
Updated to include information on the European Commission's proposed Directive to strengthen whistleblower protection.
Barclays chief executive Jes Staley was last week fined £642,430 for breaking rules by attempting to identify a whistleblower. The bank has also cut £500,000 from Staley's bonus.
HR and legal information and guidance relating to employers in the financial services sector.