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ARTICLE · 22 DECEMBER 2010

Financial Services Europe and International Update - Regulatory Developments

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This "DechertOnPoint" summarises regulatory developments in the UK, the European Union and internationally in the investment funds and asset management sector during recent weeks.

United KingdomFinance and Banking
Martin Day
Martin Day
Richard Frase
Richard Frase

This DechertOnPoint summarises regulatory developments in the UK, the European Union and internationally in the investment funds and asset management sector during recent weeks.

EU REGULATORY DEVELOPMENTS

Corporate Governance in Financial Institutions: Commission Feedback Statement

In a Communication of 4 March 2009, the European Commission announced that it would examine and report on current corporate governance practices in financial institutions, making recommendations including for legislative initiatives, where appropriate, and on 3 June 2010, it published a Green Paper on Corporate Governance in Financial Institutions. The paper was issued in response to "numerous failings" by financial institutions, such as insufficient oversight of senior management by boards, a lack of independence and authority in risk management functions and a failure by shareholders to exercise control of management, and focused on:

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