We have updated our cross border comparative guide on individual accountability which is located on the NRF Institute.

The comparative guide, Senior management responsibility in financial services, allows clients to better understand how senior management responsibility in different types of financial services firm other than insurers is being treated in different jurisdictions around the world.

The comparative guide answers seven key questions:

  • Do senior staff at financial services firms have to be registered with your national regulatory authority?
  • If your national regulatory authority requires registration of senior staff at financial services firms what are the requirements?
  • Has your national regulatory authority provided any guidance around senior management responsibility in financial services firms during the COVID-19 pandemic?
  • Is there legislation that provides for penalties to be levied against senior staff for mis-managing financial services firms?
  • What is the maximum amount the regulator can fine an individual?
  • Is there legislation that requires financial services firms to have in place remuneration policies and practices that are consistent with effective risk management?
  • Is there any legislation planned in your jurisdiction that will strengthen the accountability of senior staff at financial services firms?

The following jurisdictions in the comparative guide have been updated:

  •  United States.
  •  United Kingdom.
  • Canada.
  • South Africa.
  • Singapore.
  • Shanghai.
  • Hong Kong.
  • Germany.
  • Netherlands.
  • Poland.

The comparative guide is located on the NRF Institute. To access the NRF Institute you must first register. Further details can be found here.