The United Kingdom has introduced a new regulatory regime for strengthening accountability in banks, large investment firms and insurance firms. It will also be applied to UK branches of non-UK firms.

The new regime will apply to all staff in these firms save those who are deemed to be carrying out purely ancillary functions such as receptionists, catering staff and security guards. The regime as it applies to branches will be tailored to reflect the lower level of risk they offer to the UK economy but it will follow the same basic framework as the regime for UK firms.

The regime comes into force on 7 March 2016 and the firms affected will have until 8 February 2016 to notify the UK regulators of the individuals who are eligible to transfer from the old regulatory approval regime to the new “Senior Managers Regime”.

Please join Alexandria Carr and Mark Compton of our London office as they look at how the UK’s unique new regime affects specific individuals in UK firms and non-UK firms with a presence in the United Kingdom.

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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.