| 1 | A guide to PLC Financial Services' Solvency II materials A guide to PLC Financial Services' EU and UK materials on the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). Among other things, it links to materials on: Solvency II. The amendments to Solvency II that are to be made by the proposed Omnibus II Directive (also known as "Omnibus 2" or "OMDII"). UK transposition and implementation of Solvency II, including the proposed PRA and FCA regime for Solvency II firms. | Practice note: overview | Maintained |
| 2 | An overview of the EU financial services supervisory ... This practice note provides an overview of the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a quick guide to the ESFS, see Quick guide, EU financial services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of the EU financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice note: overview | Maintained |
| 3 | Banking Act 2009: an overview An overview of the key provisions of the Banking Act 2009. The Banking Act was intended to improve the resilience of the UK financial systems, and support financial stability by strengthening depositor protection and providing mechanisms for dealing with banks in financial difficulties. For information on the development of the Banking Act, and the statutory instruments that have been made under the Act, see Legislative tracker: Banking Act 2009. | Practice note: overview | Maintained |
| 4 | Basel III: an overview This practice note provides a high-level overview of Basel III, a sequence of major reforms to the Basel II international prudential framework for capital requirements. The note considers the main Basel III reforms agreed in December 2010, as well as the additional capital requirements for global systemically important banks (G-SIBs) agreed in November 2011. For details of other ongoing initiatives being undertaken by the BCBS, see Practice note, Basel Committee on Banking Supervision: ongoing initiatives and for more information on the "Basel 2.5" reforms agreed in July 2009, see Practice note, Basel 2.5: an overview. For details of the EU implementation of the key Basel III reforms, see Practice note, Hot topics: CRD IV. | Practice note: overview | Maintained |
| 5 | BCBS: ongoing initiatives An overview of the main initiatives currently being undertaken by the Basel Committee on Banking Supervision (BCBS) to address issues arising from the financial crisis, following agreement reached on the Basel III reforms in December 2010. For information on initiatives relating directly to the Basel III reforms, see Practice note, Basel III: an overview. | Practice note: overview | Maintained |
| 6 | CRD reform: overview An overview of work carried out by the European Commission to amend the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). It summarises the proposals in each of the series of major amendments to the CRD, referred to individually as CRD II (2009/111/EC), CRD III (2010/76/EU) and CRD IV, and other amendments made to the CRD since its adoption. For more detailed information on CRD II, CRD III and CRD IV see Practice note, CRD II, Practice note, CRD III and Practice note, Hot topics: CRD IV. | Practice note: overview | Maintained |
| 7 | Hot topics: Banking Reform Bill A note outlining the progress of the UK government's proposals for the Financial Services (Banking Reform) Bill (also referred to as the Banking Reform Bill). The main aim of the Bill is to give HM Treasury and the relevant regulators powers to implement the recommendations of the Independent Commission on Banking (ICB) on ring-fencing requirements for the banking sector. For more information on the recommendations of the ICB, see Practice note, The Vickers report on banking. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 8 | Hot topics: CRD IV This practice note provides an overview of CRD IV (also referred to as CRD 4 or CRD4), a major package of reforms to the EU's capital requirements regime for credit institutions and investment firms. CRD IV will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) with a new directive and regulation: the CRD IV Directive and the Capital Requirements Regulation (CRR). The main role of CRD IV will be to implement in the EU the key Basel III reforms agreed in December 2010. These include amendments to the definition of capital and counterparty credit risk and the introduction of a leverage ratio and liquidity requirements. For more information on Basel III, see Practice note, Basel III: an overview. For information about the UK implementation of CRD IV and Basel III, see Practice note, Hot topics, UK implementation of CRD IV. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 9 | Hot topics: European banking union An overview of the European Commission's proposals for a European banking union for eurozone member states and for other participating member states. The note focuses on the Commission's proposals to establish a single supervisory mechanism (SSM), with the European Central Bank (ECB) carrying out key supervisory tasks for banks established in banking union member states. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 10 | Hot topics: UK implementation of CRD IV An overview of how the UK is implementing CRD IV, a major package of reforms to the EU's capital requirements regime for credit institutions and investment firms. It includes details of the work of the FCA, the PRA and HM Treasury, explains which firms will be affected and contains a timeline showing future developments. For information on EU developments relating to CRD IV, see Practice note, Hot topics: CRD IV. | Practice note: overview | Maintained |
| 11 | Hot topics: UK transposition and implementation of Solvency II A high-level overview of the UK transposition and implementation of the Solvency II Directive (2009/138/EC) (commonly known as "Solvency II" or "Solvency 2"). Solvency II fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU. It also imposes higher standards of risk management and governance in firms, as well as a greater level of transparency for both supervisors and the public. For a guide to PLC Financial Services' EU and UK Solvency II materials, see Practice note, A guide to PLC Financial Services' Solvency II materials. | Practice note: overview | Maintained |
| 12 | Prudential regulation: an overview (superseded with effect ... This practice note provides an overview of the prudential rules applying to banks and investment firms prior to the implementation of the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) in the UK in January 2007. For background on the UK implementation of the CRD see Practice note, UK Implementation of the Capital Requirements Directive. | Practice note: overview | 30-Jun-2006 |
| 13 | Reform of European financial supervisory framework: key ... This resources document contains links to key primary source material and related PLC Financial Services legal updates relating to the reform of the EU financial services supervisory framework up to the 1 January 2011. This is the date that the new framework, known as the European System of Financial Supervision (ESFS), became operational. This resources document is not intended to be an exhaustive list of all relevant material. | Practice note: overview | 01-Jan-2011 |
| 14 | Regulation of credit rating agencies: an overview This practice note outlines current and proposed European and international initiatives in relation to the supervision and regulation of credit rating agencies (CRAs), including developments relating to the European Regulation on CRAs (Regulation 1060/2009) (CRA Regulation). It also considers UK regulatory initiatives relating to CRAs. For more information on the CRA Regulation, see Practice note, EU Regulation on credit rating agencies and for more information on the proposed CRA III Regulation, see Practice note, CRA III. | Practice note: overview | Maintained |
| 15 | Regulatory capital for banks and investment firms: an ... A high-level overview of current regime relating to the regulatory capital of banks and investment firms. It considers why regulators require firms to hold regulatory capital, the sources for the rules relating to this area and key issues concerning the quality and quantity of capital. For information on the Basel III reforms, which will make extensive changes to the requirements relating to the quality and quantity of capital, see Practice note, Basel III: an overview. | Practice note: overview | Maintained |
| 16 | Remuneration tracker: key European developments This resources document identifies and tracks the progress of key regulatory developments at European level relating to remuneration policies and practices in the financial services sector. It contains links to key primary source material and related PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all European materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 17 | Remuneration tracker: key international developments This resources document identifies and tracks the progress of key regulatory developments at international level relating to remuneration policies and practices in the financial services sector. It contains links to primary source material and PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all international materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 18 | Remuneration tracker: key UK developments This resources document identifies and tracks the progress of key financial services regulatory developments at UK level relating to remuneration policies and practices in the financial services sector. It contains links to key primary source material and PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all UK materials relevant to remuneration policies and practices in the financial services sector. For an overview of the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 19 | Remuneration tracker: market practice materials This resources document covers UK, European and international market practice initiatives in response to regulatory measures and concerns relating to financial services sector firms' remuneration policies and practices. It contains links to primary source material and related PLC Financial Services content. However, it is not intended to be an exhaustive list of all market practice materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 20 | Solvency II resources This resources document contains links to the key source materials in relation to the Solvency II project, together with related PLC Financial Services coverage. It is not intended to be an exhaustive list of all Solvency II materials published by interested parties. The Solvency II Directive (2009/138/EC) (also known as "Solvency 2") fundamentally reforms the capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide more uniform levels of consumer protection and promote competition in the insurance market. For PLC Financial Services subscribers interested in insurance and reinsurance, the following multi-jurisdictional guide is available, Insurance and Reinsurance Handbook. This guide brings together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice note: overview | Maintained |
| 21 | 2012 Budget: financial services implications and measures This note provides an overview of the new and ongoing initiatives and measures outlined by the government in the Budget of 21 March 2012 (2012 Budget) that will impact specifically on the UK financial services industry. It also includes reference to the relevant legislation that has been enacted through the Finance Act 2012 to give effect to these measures, as well as related initiatives announced in the 2012 Autumn Statement. For links to tailored PLC practice area updates on the 2012 Budget and comments from leading tax practitioners on what they consider to be the key points of interest for business, see PLC 2012 Budget. | Practice notes | 11-Dec-2012 |
| 22 | Basel 2.5: an overview This practice note provides an overview of Basel 2.5 (also referred to as Basel II.5), a set of major reforms to Basel II that were agreed in July 2009. The Basel 2.5 reforms included measures relating to securitisation and trading book exposures and are due to be implemented by 31 December 2011. For more information on the Basel III reforms, see Practice note, Basel III: an overview. | Practice notes | Maintained |
| 23 | Basel II: an overview This practice note provides a high-level overview of the Basel II capital adequacy framework. Please note that this note relates only to the Basel II framework as it stood at July 2006. For information on the Basel 2.5 and Basel III reforms, see Practice note: Basel 2.5: an overview and Practice note, Basel III: an overview. | Practice notes | 04-Jul-2006 |
| 24 | Ben Kingsley's banking and investment services columns Ben Kingsley is a partner in Slaughter and May's Financial Regulation Group. On a regular basis, Ben shares with PLC Financial Services subscribers his thoughts on topical developments in the banking and investment services sector. Ben's banking and investment services columns can be accessed from this practice note. | Practice notes | Maintained |
| 25 | BIPRU liquidity regime An overview of the liquidity regime for banks, building societies and certain investment firms under chapter 12 of the Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU 12), which forms part of the FCA and PRA Handbooks. | Practice notes | Maintained |
| 26 | Consultation responses: MiFID II and MiFID review This tracker contains links to the key responses to the MiFID II legislative proposals and related consultation papers, including those pre-dating publication of the proposals. It includes links to responses from trade and consumer bodies as well as other interested stakeholders, including the FSA and UK government. | Practice notes | Maintained |
| 27 | CRA II This practice note provides an overview of CRA II (Regulation 513/2011), an EU Regulation that amended the CRA Regulation (Regulation 1060/2009) to transfer responsibility for the registration and supervision of EU credit rating agencies (CRAs) to the European Securities and Markets Authority (ESMA). For more information about the CRA Regulation, see Practice note, EU regulation on credit rating agencies. | Practice notes | Maintained |
| 28 | CRD II This practice note provides an overview of CRD II (2009/111/EC) (also referred to as CRD 2 or CRD2), a directive forming part of a sequence of major amendments of the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) initiated by the European Commission. CRD II made significant amendments to the CRD in areas including large exposures, hybrid capital instruments, liquidity risk management, securitisations, and cross-border supervisory arrangements. For information about the UK implementation of CRD II, see Practice note, UK implementation of CRD II. | Practice notes | Maintained |
| 29 | CRD III This note provides an overview of CRD III (2010/76/EU) (also referred to as CRD 3 or CRD3), a directive forming part of a sequence of major amendments of the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) initiated by the European Commission. CRD III makes significant changes to the remuneration structures and capital requirements of credit institutions and investment firms. For information about the UK implementation of CRD III, see Practice note, UK implementation of CRD III. | Practice notes | Maintained |
| 30 | CRD IV: development of the reforms This practice note provides an overview of the development of the CRD IV reforms, a major package of reforms that will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). The note considers the development of the CRD IV reforms before the European Commission published its legislative proposals for CRD IV in July 2011. It also sets out details of certain reform areas originally intended to form part of CRD IV that the Commission has abandoned or deferred. For more information on the ongoing progress of CRD IV, see Practice note, Hot topics: CRD IV. | Practice notes | Maintained |
| 31 | CRD IV: technical standards This practice note provides details of the technical standards to be produced by the European Banking Authority (EBA) and the other European Supervisory Authorities (ESAs) envisaged under the proposed Capital Requirements Regulation (CRR) and the proposed CRD IV Directive. The CRR and the CRD IV Directive comprise the framework legislation for the CRD IV package of reforms that will replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). For more information on the legislative progress of CRD IV, see Practice note, Hot topics: CRD IV. | Practice notes | Maintained |
| 32 | CRD IV: the proposed Capital Requirements Regulation This practice note provides an overview of the proposed Capital Requirements Regulation (CRR), which, together with the proposed CRD IV Directive, forms part of the CRD IV package of reforms (sometimes referred to as CRD 4 or CRD4), that will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). The note sets out details of the key reforms that the European Commission intends to introduce through the CRR, including Basel III reforms relating to regulatory capital, counterparty credit risk, and new leverage and liquidity requirements, as well as non-Basel III reforms including remuneration disclosure. For more information on the progress of CRD IV, see Practice note, Hot topics: CRD IV, and for more information on the CRD IV Directive, see Practice note, CRD IV: the proposed CRD IV Directive. | Practice notes | Maintained |
| 33 | CRD IV: the proposed CRD IV Directive This practice note provides an overview of the proposed CRD IV Directive which, together with the proposed Capital Requirements Regulation (CRR), forms part of the CRD IV package of reforms (also referred to as CRD 4 or CRD4), that will recast and replace the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). The note sets out details of the key reforms that the European Commission intends to introduce through the CRD IV Directive, including Basel III reforms relating to capital conservation buffers and countercyclical capital buffers and amendments to the CRD's existing corporate governance and sanctions regime. For more information on the legislative progress of CRD IV, see Practice note, Hot topics: CRD IV, and for more information on the CRR, see Practice note, CRD IV: the proposed Capital Requirements Regulation. | Practice notes | Maintained |
| 34 | Deposit Guarantee Schemes Directive An overview of the Deposit Guarantee Schemes Directive (94/19/EC) (DGSD), which required EU member states to introduce at least one deposit guarantee scheme (DGS) in their jurisdiction to provide protection for depositors and to reduce the risk of bank runs. The note also considers the progress of the European Commission's proposals to reform and recast the DSGD. | Practice notes | Maintained |
| 35 | Development of FSA BIPRU liquidity regime This practice note provides an overview of the development of the FSA's reforms to its liquidity regime and details of anticipated developments concerning the FSA's liquidity requirements. For more information about the liquidity regime, see Practice note, BIPRU liquidity regime. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice notes | 04-Jul-2012 |
| 36 | EU financial services supervisory framework: a quick guide This is a quick guide to the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a more detailed overview of the ESFS, see Practice note, An overview of the EU Financial Services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of European financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice notes | Maintained |
| 37 | EU Regulation on credit rating agencies In this practice note, Barnabas Reynolds, head of the Financial Institutions Advisory & Financial Regulatory Group at Shearman & Sterling LLP, provides an overview of the EU Regulation on credit rating agencies (Regulation 1060/2009) (CRA Regulation). The note reflects amendments to the CRA Regulation made by CRA II (Regulation 513/2011) which transferred responsibility for the registration and ongoing supervision of EU credit rating agencies to the European Securities and Markets Authority (ESMA). For information about the amendments to the CRA Regulation to be made by CRA III, see Practice note, CRA III. | Practice notes | Maintained |
| 38 | European Commission's EU mortgage markets review This practice note details the various public consultations, policy documents, research studies and other initiatives under the European Commission's review of the EU mortgage markets. It also identifies and considers the follow-up work carried out by the Commission in relation to the EU mortgage markets for the period June 2008 to July 2011. Among other things, the Commission's review has resulted in the publication, on 31 March 2011, of a proposed Directive on residential mortgages. For an overview of the proposed Directive and related developments, see Practice note, Hot topics: Proposed directive on residential mortgages. Please note the law stated date of this practice note. It is not maintained. | Practice notes | 26-Jul-2011 |
| 39 | Financial Conglomerates Directive An overview of the key provisions of the Financial Conglomerates Directive (2002/87/EC) (FICOD), also referred to as the FCD or the Financial Groups Directive (FGD). The note also considers amendments made to FICOD since its adoption and likely future revisions to FICOD. | Practice notes | Maintained |
| 40 | FSA's review of its capital deductions policy for deposit takers ... This practice note outlines the FSA's review of its capital deductions policy for deposit takers and investment firms. | Practice notes | 25-Jul-2008 |
| 41 | FSA's supervisory enhancement programme This practice note outlines the work carried out by the FSA to review and improve its own supervisory practices in response to the financial crisis and, in particular, to the Northern Rock crisis. It looks at changes introduced under the FSA's supervisory enhancement programme (SEP), with particular focus on the FSA's adoption of a more intensive approach to supervision. This note covers historic developments. For details of the FSA's transition to the new UK regulatory structure that is due to be completed by the end of 2012, see Practice note, Hot topics: New UK financial services regulatory structure. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice notes | 31-Dec-2010 |
| 42 | Historic practice note on the Banking Consolidation Directive ... This note provides a high level overview of the main provisions of the Banking Consolidation Directive (BCD) (2000/12/EC) which came into force on 15 June 2000. The BCD was recast and substantially amended in June 2006 (2006/48/EC) and makes up one part of the Capital Requirements Directive (CRD) which came into force on 1 January 2007. The CRD has been substially amended since 2007. This practice note relates to the original BCD only. For further information on the CRD, see Practice note, UK implementation of the Capital Requirements Directive. For more information on subsequent reforms to the CRD, see Practice note, CRD reform: overview. | Practice notes | 23-Oct-2006 |
| 43 | Historic prudential regulation practice notes This practice note contains links to PLC Financial Services' historic practice notes on prudential regulation. These historic practice notes relate to legislation, rules, regulations and/or guidance that are no longer applicable as they have been superseded; or give an overview of European legislation as at the date of UK implementation. These historic practice notes are therefore not maintained; each has a "law stated" date. They may, however, be of interest if it is necessary to consider the legal or regulatory position at a previous time. | Practice notes | 08-Sep-2008 |
| 44 | International Banking This Note discusses the regulation of international banking activities in the US, including: (i) the US activities of foreign banks through representative offices, branches, Edge corporations, and other forms of subsidiaries; and (ii) the foreign activities of US banks through branches, agencies, Edge corporations and other forms of foreign subsidiaries and investments. International banking facilities are also discussed. | Practice notes | Maintained |
| 45 | Investor Compensation Schemes Directive An overview of the Investor Compensation Schemes Directive (97/9/EC) (ICSD), which required EU member states to introduce at least one investor compensation scheme (ICS) in their jurisdictions to provide a harmonised level of protection for investors. The note also considers the progress of the European Commission's proposals to reform the ICSD. | Practice notes | Maintained |
| 46 | June 2010 Budget and Finance (No 2) Act 2010: implications ... This practice note provides an overview of the initiatives and measures announced by the government in the "emergency" Budget of 22 June 2010 that will impact specifically on the UK financial services industry. It also contains links to those sections of relevant legislation (including the Finance (No 2) Act 2010 and subsequent Finance Bills), that implement, or introduce legislation to implement, the financial services measures in the June 2010 Budget. For details of the key financial services regulatory initiatives and measures announced by the government in the pre-election March 2010 Budget, see Practice note, March 2010 Budget and Finance Act 2010: financial services regulatory initiatives. | Practice notes | 27-Jul-2010 |
| 47 | Legislation tracker: Financial Services (Banking Reform) Bill This legislation tracker monitors the legislative progress of the Financial Services (Banking Reform) Bill (Banking Reform Bill). It covers the pre-legislative progress of the Bill, as well as its Parliamentary progress from first reading to Royal Assent. For more information on the Banking Reform Bill, see Practice note, Hot topics: Banking Reform Bill. | Practice notes | Maintained |
| 48 | Omnibus II: an overview This practice note provides an overview of the European Commission's proposed Omnibus II Directive, which was published in January 2011. In particular, it considers how Omnibus II (also known as "Omnibus 2" and "OMDII"), amends the Solvency II Directive (2009/138/EC). | Practice notes | Maintained |
| 49 | Pollyanna Deane's insurance columns Every two months, Pollyanna Deane shares her views on topical insurance issues with PLC Financial Services subscribers. Pollyanna's comments can be accessed below. Pollyanna is a partner in Simmons & Simmons LLP's Corporate & Commercial Group (she was formerly a partner at Berwin Leighton Paisner LLP), and is also a member of PLC Financial Services' Consultation Board. | Practice notes | Maintained |
| 50 | Prudential regulation of insurance companies A note considering the FSA's prudential rules applicable to UK authorised insurance companies, which are contained in GENPRU, INSPRU and SYSC (which replaced PRU from 31 December 2006). It: Explains the FSA's rules on risk management and the requirement to "self assess" and hold appropriate capital. Identifies, in particular, areas of legal risk management and issues relating to management of risk which may require legal advice or assistance. Summarises provisions relating to "internal contagion risk" and insurance group and financial conglomerate requirements. The rules are those in force from 31 December 2006. This note is in the process of being updated by its author to reflect the new UK regulatory structure that came into effect on 1 April 2013. Subscribers wishing to review the rules in force prior to 31 December 2006 should see Practice note, Prudential regulation of insurers prior to 31 December 2006, which this practice note supersedes. | Practice notes | Maintained |
| 51 | Prudential requirements for non-MiFID personal investment ... This practice note explains what personal investment firms (PIFs) are, outlines which FCA rules apply to such firms, and summarises the key rule changes arising from the FSA's review of the prudential rules relating to those PIFs that fall outside the scope of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). | Practice notes | Maintained |
| 52 | RDR: overview An overview of the FSA's retail distribution review (RDR), including an introduction to the rules and an explanation of how the changes brought about by the RDR impacted on other advice sectors (such as, the insurance and mortgage sectors, as well as simplified and basic advice). | Practice notes | Maintained |
| 53 | Reforming pay policies and structures to comply with the ... A revised version of the FSA remuneration code came into force on 1 January 2011. Firms within the scope of the revised code need to ensure their remuneration policies and structures to comply with it. This note considers the key actions that each affected firm needs to take to comply with the revised code. | Practice notes | 31-Dec-2010 |
| 54 | Regulation of credit rating agencies: key regulatory ... This resources document contains links to key primary source material and related PLC Financial Services Legal updates concerning the regulation of credit rating agencies (CRAs). It covers key UK, EU and international regulatory developments from January 2007 to December 2010, but it is not intended to be an exhaustive list of all material relevant to the regulation of CRAs. For an overview of initiatives relating to the regulation of CRAs, see Practice note, Regulation of credit rating agencies: an overview. | Practice notes | 31-Dec-2011 |
| 55 | Regulation of insurance in the UK An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 56 | Solvency II and the regulation of insurance across Europe ... In this practice note, Ian Poynton and James Smethurst, partners in Freshfields Bruckhaus Deringer LLP's Financial Institutions Group, outline progress on the Solvency II project and consider how it may evolve over the next few years. The final text of the level 1 Solvency II Directive (2009/138/EC) was published in the Official Journal of the European Union on 17 December 2009. Please note that this practice note reflects the legal position as at February 2010. For information on developments since then, see Practice notes, Solvency II: an overview and Solvency II resources. | Practice notes | 08-Feb-2010 |
| 57 | Solvency II: an overview This practice note provides a high-level overview of the regime under the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). It includes a timeline outlining the key steps in the ongoing EU work on the Solvency II project, as well as a glossary of the main technical terms relating to the Solvency II regime. The Directive fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide better and more uniform levels of consumer protection and promote competition in the insurance market. | Practice notes | Maintained |
| 58 | Solvency II: FSA Handbook application table This practice note contains a table that indicates how the FSA proposed to apply the relevant parts of its Handbook to different categories of insurer once it had transposed the Solvency II Directive (2009/138/EC). The table is based on a table and notes set out in chapter 9 of the FSA's second consultation paper on transposing Solvency II (known as both "CP12/13 and "CP2"), which was published on 11 July 2012. The PRA and FCA will take over the majority of the FSA's functions on 1 April 2013. The FSA's Handbook will be split between the PRA and the FCA to form two new Handbooks. Most provisions of the FSA Handbook will be incorporated into the PRA Handbook, the FCA Handbook or both, in line with each new regulator's responsibilities and objectives. Insurers will be authorised and regulated for prudential purposes by the PRA, and also regulated for conduct purposes by the FCA. As a result, they will need to consider both the PRA and the FCA Handbooks. | Practice notes | 10-Jul-2012 |
| 59 | Solvency II: PRA and FCA Handbook transposition table This practice note contains a transposition table that explains how the PRA and FCA are expected to transpose the Solvency II Directive (2009/138/EC) (also known as "Solvency 2") into their respective Handbooks. The table gives a brief description of each of the Solvency II Articles and identifies the PRA or FCA Handbook provisions that are proposed to transpose each Article. | Practice notes | Maintained |
| 60 | Solvency II: the proposed PRA and FCA regime An overview of the proposed PRA and FCA regime for insurers and reinsurers falling within the scope of the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"), which also outlines the key amendments the PRA and FCA are expected to make to their respective Handbooks to transpose Solvency II. | Practice notes | Maintained |
| 61 | The AIFM Directive: capital requirements for managers This note is part of a guide to the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive), written by Travers Smith LLP. The note sets out what capital requirements alternative investment fund managers have to comply with under the AIFM Directive. For an index to the AIFM Directive guide, see Practice note, A guide to the AIFM Directive: index. | Practice notes | Maintained |
| 62 | The Liikanen report on banking An overview of the recommendations made by the EU high-level expert group on reforming the structure of the EU banking sector, chaired by Erkki Liikanen, and the responses of EU authorities to the group's recommendations. The group published its report (also known as the Liikanen report) in October 2012, making recommendations on reforms to the EU banking sector. These recommendations included mandatory separation of proprietary trading activities and other significant trading activities from deposit banks. | Practice notes | Maintained |
| 63 | The Vickers report on banking This practice note provides an overview of the recommendations made by the Independent Commission on Banking (ICB), chaired by Sir John Vickers, and subsequent announcements made by the government on whether, and how, it will implement individual recommendations. The ICB made recommendations in September 2011 on reforms to the UK banking sector intended to promote financial stability and competition. These included imposing a ring-fence on banks that provide retail deposit-taking services, additional loss absorbency requirements for the banking sector generally, and discrete measures intended to improve competition in the retail banking market. The government intends for the Financial Services (Banking Reform) Bill to implement the main ICB recommendations including the ring-fencing requirements. For information on the Bill, see Practice note, Hot topics: Banking Reform Bill. | Practice notes | Maintained |
| 64 | UK implementation of CRD II CRD II (2009/111/EC) (also referred to as CRD 2 or CRD2) is a directive forming part of a sequence of major amendments to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). This resources document provides a high-level overview of how the UK authorities have implemented the main CRD II requirements. It also considers current issues relating to the UK implementation of CRD II. For more information about CRD II itself, see Practice note, CRD II. | Practice notes | 30-Nov-2011 |
| 65 | UK implementation of CRD III CRD III (2010/76/EU) (also referred to as CRD3 or CRD 3) is a directive forming part of a sequence of major amendments to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD). This resources document provides a high-level overview of the UK implementation of CRD III. CRD III made significant changes to the remuneration structures and capital requirements of credit institutions and investment firms, requiring extensive amendments to the FSA's remuneration code. For more information about CRD III itself, see Practice note, CRD III. | Practice notes | 31-Jul-2012 |
| 66 | UK implementation of the Capital Requirements Directive The Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) came into force on 1 January 2007. This practice note looks at how the FSA and HM Treasury have implemented the CRD in the UK. This document sets out the position as at 7 January 2008. For information on subsequent reforms to the CRD and their UK implementation, see Practice note, CRD reform: overview. | Practice notes | 07-Jan-2008 |