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Tag Archives: Approved persons

Posted in European Union, Regulatory and legislative updates, UK

“No deal” Brexit: UK Government publishes details on draft regulations amending FSMA

On 22 November 2018, HM Treasury published Explanatory Information on the draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (the “Draft FSMA Regulations“). The Draft FSMA Regulations will make amendments to the Financial Services and Markets Act 2000 (“FSMA“) and related legislation to ensure that the UK’s financial services framework continues

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Hong Kong – New independent insurance authority

The Insurance Companies (Amendment) Bill 2014 (“ICA“) was passed on 10 July 2015. Under the ICA, the Insurance Companies Ordinance (“ICO“) will be amended and renamed “Insurance Ordinance” (“IO“). An independent insurance authority (“IIA“) will be set up to replace the existing Insurance Authority. The establishment of the IIA has been described as the most

Posted in Regulatory and legislative updates, UK

UK: Regulators indicate an extension of the Senior Managers Regime to insurance companies

In May 2014, Mark Carney, Governor of the Bank of England, wrote an article about the regulation of insurance in which he referred to the Bank’s intention to create a regime for senior insurance managers similar to the senior managers regime which will be imposed on banks sometime next year.  This was followed up by