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Individuals

Taking enforcement action against individuals has long been a priority for the FCA in the UK, as well as regulators across the globe. Read Allen & Overy’s thoughts on this topic below.

Financial Institutions in Singapore to Ensure a Culture of Responsibility and Accountability Applies from the Top Down

The Monetary Authority of Singapore (MAS) has issued its finalised Guidelines on Individual Accountability and Conduct, which will come into effect on 10 September 2021. Most financial institutions regulated by the MAS will be covered by the new Guidelines. They will accordingly need to clearly identify and delineate the responsibilities of senior management and material Read More

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The UK FCA publishes observations on fitness and propriety assessments

Fitness and propriety is not a new concept in the UK financial services industry. However, the implementation and extension of the UK Senior Managers and Certification Regime (SMCR) over the last few years has forced firms to think more about what fitness and propriety means and, importantly, how they will go about assessing it in Read More

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“Strong and prompt enforcement” under Nikhil Rathi, new Chief Executive of the FCA

Nikhil Rathi[1] gave evidence last week to the Treasury Committee following the announcement on 22 June that he will be the new permanent Chief Executive of the UK Financial Conduct Authority (FCA) in Autumn 2020. Commentators have noted that likely priorities for Mr Rathi will be the Covid-19 debt burden, post-Brexit regulation, consumer protection and Read More

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Regulatory focus on senior management accountability in Asia – a victim of Covid-19 coronavirus?

For many years, regulators across the globe have been extolling the importance of senior management accountability and an appropriate culture for financial institutions. In the Asia-Pacific region, the Securities Futures Commission (SFC) led the vanguard with the introduction of its Manager In Charge regime in 2017. This was followed by regulators in Australia and Singapore Read More

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Employee interviews in internal investigations

Recent developments in the U.S., UK and Germany have cast a spotlight on the interplay between corporate internal investigation interviews and investigations by, and cooperation with, the authorities. Interviewing company employees is often a key part of an internal investigation. Despite most employees having little choice but to agree to give internal interviews, they are Read More

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