Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
From December 9, 2019, the Senior Managers and Certification Regime (SMCR) will be extended to cover FCA solo-regulated firms and as such large asset managers, mortgage providers and investment firms. The new regime will have an impact on all areas of HR, including hiring, the terms of contracts, appraisals, references and disciplinary procedures.
Employers should therefore review and update the
The Norton Rose Fulbright employment team has assisted many clients with SMCR implementation. We can provide training on the new rules and give advice and guidance on changes to your existing documentation, processes and procedures.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).