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 has produced new guidelines, which apply from 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 regulatory regimes, the FCA and PRA are busy consulting on the extension of the SMR and CR to all firms that are authorised under the Financial Services and Markets Act 2000. The FCA anticipates that the SMR and CR will apply to insurers in late 2018 and to solo-regulated firms in mid or late 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
Updated to include information on the FCA policy statement and second consultation paper, which address some of the concerns identified in the FCA asset management market study.
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.
City regulators are set to fine Barclays chief executive Jes Staley over his investigation of a whistleblower who breached their rules of conduct.
Updated to include information on FCA final rules and guidance on risk management for consumer credit firms, effective from 1 October 2018.
Updated to include information on the FCA's proposals on the extension of the SMR and CR to all authorised firms.
Updated to reflect training and competence requirements under MiFID II, effective from 3 January 2018.
Updated to include information on the proposals to extend the SMR and CR to all FCA-regulated firms.
Updated to reflect recording requirements under MiFID II, effective from 3 January 2018.
HR and legal information and guidance relating to employers in the financial services sector.