UK:
PRA Publishes Policy Statement On Internal Governance Of Third Country Branches
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The U.K. Prudential Regulation Authority (PRA) has issued a policy statement on the internal governance
arrangements of U.K. branches of non-EEA banks and PRA designated
investment firms, known as "third country branches."
The rules and supervisory statement cover general organizational
requirements; persons who effectively direct the business;
responsibility of senior personnel; skills, knowledge and
expertise; compliance and internal audit; risk control;
outsourcing; and record keeping. These rules replace the rules and
guidance in chapters 4 to 9, and 21, of the Senior Management
Arrangements, Systems and Controls section of the PRA Handbook. The
rules will come into effect on 7 March 2016. Press release.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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