The new banking regulatory regimes are scheduled to come into force in 2016 and are designed to encourage individual accountability for decision-making in banks, building societies, credit unions, Prudential Regulation Authority (PRA)-designated investment firms, and insurers. In his Mansion House speech on 10 June, the Governor of the Bank of England highlighted the Senior Managers Regime and indicated that it would be extended to “shadow bank participants,” which could include certain asset management and brokerage firms.

This webinar will discuss key areas of concern and provide guidance regarding steps that our clients should consider taking before the new regulatory framework comes into effect. Morgan Lewis lawyers William Yonge and Lee Harding will cover—from a regulatory and employment perspective—the scope and purposes of the new Senior Managers and Certification Regime and Senior Insurance Managers Regime, including transitional arrangements, planning and implementation, key risks, costs and administrative burdens, and monitoring and enforcement.