• The Senior Managers Regime, Certification Regime, and Code of Conduct – increasing accountability for individuals and employment consequences in the banking sector

    On the 7 March 2016 the Senior Managers Regime (“SMR”) and Certification Regime were implemented by the Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) to ensure that individuals are clearly allocated their responsibilities and can thus be held accountable for their actions in relations to regulated activities within ‘relevant firms’ (UK banks, building societies, credit unions and PRA designated investment firms, and branches of foreign banks operating in the UK). The conduct rules are an overarching framework of professional standards encompassing all persons operating within both regimes. These new rules and regimes will undoubtable raise employment and HR issues for those financial institutions and their employees.

  • Singapore Developments: Improving the Climate for Reciprocal Enforcement

    On 4 April 2016, the Choice of Court Agreements Bill 2016 (the ‘Bill’) was tabled in the Singaporean Parliament. If passed, it will implement the Hague Convention of 30 June 2005 on Choice of Court Agreements (the ‘Convention’).

  • The Gherkin

    Further consultation on Article 55 Contractual Bail-In

    We reported previously [http://www.thomascooperlaw.com/4323-2/] that the PRA was planning further consultation on amending its rules on Contractual Bail-in under Article 55 of the Bank Recovery and Resolution Directive (“BRRD”) where it would be impractical for financial institutions to comply.

  • The Gherkin

    Sovereign Lending: some distinguishing legal issues

    Lending to sovereign states, whether directly to state governments or to state-controlled entities, especially in emerging markets, presents a number of additional legal challenges and factors to be considered compared with corporate lending to private commercial enterprises in such countries.

  • Dispute Resolution in the Financial Services Sector – Best of Both Worlds?

    by Lisa Hillary When it comes to dispute resolution, the courts are the traditional forum. Arbitration is an alternative to this; it allows the parties to agree to submit their disputes to be resolved privately by an independent third party tribunal instead. The main benefit of this is its flexibility: Arbitration is agreed in a […]

  • D&O Insurance – fines, penalties and compensation payable by directors

    On 19 February 2016 the Spanish National High Court confirmed the decision of the Central Criminal Court to reject the use of an insurer’s guarantee issued under a D&O policy as bail to secure potential financial liabilities of the former CEO…

  • An Ode to the PSC Register

    The Members Register declares Who holds a UK company’s shares But now there is another test for The “significant control” investor. A Register of PCSs[1] Must be maintained, the law decrees,[2] Unless the company’s exempt because It discloses under other laws.[3] These are the tests which must be done To check for each and every […]

  • Enterprise Bill 2015: Late Payment of Insurance Claims Update – 25 April 2016

    On 19 April 2016, the Enterprise Bill 2015 was approved by the House of Lords in its final form. The Bill is now awaiting Royal Assent before formally passing into law.

  • Lock and Load Up on Holiday Pay

    On Monday 22 February 2016, the Employment Appeal Tribunal (“EAT”) delivered its judgment in the case of Lock v British Gas Trading Ltd in what is a significant case for employers and employees alike, particularly in industries in which remuneration typically includes variable elements such as commission or overtime.

  • David Brown Memorial Service – Tuesday 1 March 2016

    A Memorial Service to celebrate the life of our friend and colleague David will take place at St Botolph Without Minories and Holy Trinity, Minories St Botolph’s Church Aldgate High Street London EC3N 1AB