Regulatory Hold Points meaning

This Checklist flags the usual key policies that an organisation should think about putting in place, and it points to LexisNexis® Precedents you may use or tailor as appropriate. Having robust policies and procedures established will assist an organisation to control risk and also evidence compliance wherever a written policy is a regulatory necessity. Note: this Checklist is not meant to be a complete catalogue of every policy an organisation ought to hold. Extra or alternative policies might be needed from time to time to fit your organisation or to satisfy any industry or sector-specific regulatory obligations. General human resources policies Policy — Aim of this policy — LexisNexis® Precedents you could use or adapt (available subject to subscription) Adoption leave policy — To outline an organisation’s approach to adoption leave and pay. Policy—adoption leave Carer’s leave policy — To state an organisation’s policy for employees to take unpaid time away to provide or arrange care for a dependent with a long-term care...

In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of derivatives Sustainable finance and ESG Banks and mutuals UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Dates for your diary Financial Services Enforcement Database New and updated content Daily and weekly news alerts Intraday news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies FSCS confirms unchanged levy for 2025/26 and provides early forecast for 2026/27 The Financial Services Compensation Scheme (FSCS) has issued its latest Outlook levy update for 2025/26, stating the levy will hold at £356m—as projected in May 2025—with no further levy anticipated for firms across the rest of this financial year. A preliminary view for...

Insurance Europe, Leaseurope, FIA, Figiefa and Clepa had anticipated the European Commission would table a data-access law by the close of 2023, yet the proposal has faced repeated hold-ups. The Commission’s internal vetting stage, the Regulatory Scrutiny Board, was still unfinished in late December 2023, with additional revisions on the horizon. The associations are pressing the Commission to move before the UN Economic Commission for Europe’s Regulation 155 takes effect on 7 July 2024. They fear it could undermine access to the on-board diagnostics port, or OBD, which remains the primary tool for most independent service providers. Richard Bullard, who chairs Leaseurope’s connected vehicle working group, warned at a Brussels press briefing that the regulatory cliff-edge is genuinely looming, and that, without action, independents will lose their sole route to the data on which they rely. He stressed that such access underpins the majority of services currently offered to consumers and businesses across Europe as things stand at present right now...

Bringing a client matter to a tidy close is a core element of client care, risk control and housekeeping. There are both regulatory duties and good practice points to weigh as well. This Practice Note is a practical ‘how to’ for law firms on closing files, outlining steps to take and key considerations when concluding a matter. It explains practical actions involved and regulatory and other factors that arise when bringing a matter properly to a close. Regulatory requirements SRA requirements The SRA Standards and Regulations require you to demonstrate that you deliver services in a way that safeguards clients’ interests, consistent with the proper administration of justice. The Standards and Regulations are not prescriptive about how this must be achieved. If you supervise or manage others providing legal work, you remain answerable for their output and for ensuring those you oversee are competent and understand their regulatory duties. The Law Society advises having a written, standardised file closure policy. It also recommends a checklist, aligned...

Overview The Financial Services and Markets Act 2000 (FSMA 2000) bars anyone from conducting a regulated activity in the UK unless they hold authorisation or are an exempt person; this is commonly called the general prohibition. A regulated activity means an activity of a specified type (namely, one identified in the FSMA 2000 (Regulated Activities) Order 2001, SI 2001/544) carried on by way of business in the UK. Breaching the general prohibition is a criminal offence, attracting a fine or imprisonment. This Practice Note sets out how the Financial Conduct Authority (FCA) acts against unauthorised business. Further material on unauthorised business is available in Practice Note: Unauthorised business—legal and regulatory framework. Key points include: the FCA’s supervision and enforcement functions focus on disrupting unauthorised firms and individuals seeking to defraud customers and on warning customers the FCA’s Warning List—a list of firms not authorised or registered by the FCA and which the FCA knows are operating without permission or running scams—is a vital tool for...

This Practice Note outlines how the EU and the wider EEA assess whether to recognise the equivalence of third country insurance regulatory regimes. Introduction Regulation of insurance places obligations on firms and groups (insurance groups). Those obligations can be duplicated where an insurer operates across several countries and legal systems at the same time in parallel. When one state, A, recognises another, B, as equivalent, that duplication may, to a greater or lesser extent, be reduced for affected firms. The EU equivalence regime Within the EU, insurance equivalence arises only in respect of prudential supervision, and, even there, its practical reach is notably narrow. There is no EU insurance equivalence covering conduct of business rules (ie dealings with customers) or the work of brokers or other insurance distributors. To make sense of the regime, it helps to look first at the prudential background and what the regime is not, before describing what it is. Its application remains carefully limited. What is prudential regulation? Prudential...