The following posts provide a snapshot of the principal European and global wholesale financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates. These posts focus on legal and compliance issues rather than accountancy or capital-related matters.
Ashley Alder to Chair UK Financial Conduct Authority
HM Treasury has announced the appointment of Ashley Alder as Chair of the U.K. Financial Conduct Authority. Mr Alder will succeed interim chair Richard Lloyd, who has served as interim Chair since Charles Randell stepped down from his post in May 2022. Mr Alder, a former lawyer who is currently CEO of the Securities and Futures Commission of Hong Kong and Chair of the International Organisation of Securities Commissions, will take up his post from January 2023.
UK Conduct Regulator Makes Three Senior Appointments
The U.K. Financial Conduct Authority has made three appointments to its senior leadership team:
Mel Gunewardena has been appointed to Senior Advisor, and will join the FCA from his role as Chief Market Intelligence Officer at the US Commodities and Futures Trading Commission;
- Graeme Reynolds has been appointed Director of Competition and will move from his current role as an FCA deputy chief economist; and
- Simon Walls has been appointed Interim Wholesale Director and will take up the role from his current position of Head of Wholesale Markets. The FCA is recruiting two permanent Wholesale Directors.
UK Financial Conduct Authority Makes New Senior Appointments
The U.K. Financial Conduct Authority has made three new appointments:
- Laura Dawes will be appointed to one of two newly created Director of Authorisations roles. The new Director roles are part of the FCA's commitment to create a more robust and efficient authorisation process, where more decisions will be made by individual senior managers as opposed to committees. Laura currently works within the FCA's Enforcement and Market Oversight Division.
UK Conduct Regulator Appoints Interim Chairs
The U.K. Financial Conduct Authority has appointed Richard Lloyd OBE as its interim Chair of the FCA. He will assume the position on June 1, 2022 and will continue until a permanent successor for former Chair Charles Randell takes up the position.
New UK Financial Services Director General
HM Treasury has announced that Gwyneth Nurse has been appointed as Director General, Financial Services. She will replace Katharine Braddick from January 2022.
Verena Ross Appointed Chair of the European Securities and Markets Authority
The European Securities and Markets Authority has announced that Verena Ross will take up the position of Chair of ESMA from November 1, 2021. Ms. Ross will replace Steven Maijoor, the former Chair. Her appointment is for a five-year term, renewable once.
Charles Randell CBE Stepping Down as Chair of UK Financial Conduct Authority
The U.K. Financial Conduct Authority has issued a press release announcing that its current chair, Charles Randell CBE, will be resigning early from his position in Spring 2022. Mr. Randell wrote to the Chancellor informing him of the decision to step down as chair of the FCA and the Payment Systems Regulator. Mr. Randell has been Chair of the FCA and PSR since April 1, 2018. The resignation comes just 10 days after the FCA was provided with a preliminary report by the Financial Regulators Complaints Commission concerning the FCA's handling of the London Capital & Finance scandal, which is due to be published in the next month and has been reported by the press to be critical of the FCA.
UK Conduct Regulator Appoints New Leaders for ESG and Technology
The U.K. Financial Conduct Authority has appointed Sacha Sadan as its Director of Environment, Social and Governance, a new role which will develop the FCA's approach to sustainable finance domestically and internationally. Ms Sadan was formerly Director of Investment Stewardship at Legal and General Investment Management.
FICC Markets Standards Board Appoints Ed Davey as Chief Operating Officer
The FICC Markets Standards Board has appointed Ed Davey as its Chief Operating Officer. The FMSB is responsible for setting standards for the wholesale, fixed income, currencies and commodities markets.
View the FMSB's announcement.
UK Financial Conduct Authority Makes Four Appointments to Executive Team
The U.K. Financial Conduct Authority has made four new appointments to its executive team:
- Stephanie Cohen will be the FCA's Chief Operating Officer, responsible for the FCA's operations and business performance, systems and infrastructure and finances;
- Jessica Rusu will be the FCA's Chief Data, Information and Intelligence Officer, leading the transformation of the FCA's data intelligence and information;
- Sarah Pritchard will be the FCA's Executive Director for Markets, delivering the FCA's statutory market integrity objective within the Supervision, Policy and Competition division; and
- Emily Sheppherd will be the Executive Director for Authorizations, overseeing authorizations for firms and individuals applying to undertake regulated financial services activity in the U.K.
European Systemic Risk Board Appoints Vice-Chair and Board Members
The European Systemic Risk Board has appointed Jan Reinder De Carpentier as its new Vice Chair. New board members Pedro Machado and Jesús Saurina have also been appointed. The new appointees will take up their positions on March 1, 2020 and will hold them for five years.
View the SRB's announcement.
View the Council Implementing Decision giving effect to the appointments of the Vice-Chair and Board Members.
Christopher Woolard Appointed as Interim Chief Executive of UK Conduct Authority
Christopher Woolard has been appointed Interim Chief Executive of the U.K. Financial Conduct Authority from March 16, 2020. Mr. Woolard is currently the Executive Director of Strategy and Competition and an Executive member of the FCA's Board. He will take on the role when the current FCA Chief Executive Andrew Bailey becomes Governor of the Bank of England. HM Treasury will be running an open process for the role of permanent CEO in due course.
View the announcement.
Mark Carney Appointed as Finance Adviser to UK Government on Sustainable Finance
Mark Carney, the outgoing Governor of the Bank of England, has been appointed as Finance Adviser for COP26. The role will be to assist the U.K. Government to build a sustainable financial system that supports the transition to a net zero economy. Andrew Bailey will replace Mr. Carney as the Governor of the Bank of England from March 16, 2020.
UK Chancellor Appoints New Governor of Bank of England
The U.K. Chancellor of the Exchequer, Sajid Javid, has announced the appointment of Andrew Bailey as the new Governor of the Bank of England.
UK Conduct Regulator Appoints Executive Director of Risk and Compliance Oversight
The U.K. Financial Conduct Authority has appointed Sheree Howard as its new Executive Director of Risk and Compliance Oversight, replacing Barbara Frohn, who left the FCA earlier this year. Ms. Howard joined the FCA as a Senior Adviser in December 2017. Her new role as part of the Executive Committee will see her advising the FCA’s Board on the breadth of risk in the organization.
View the FCA's announcement.
UK Regulator Appoints New Chair for Financial Ombudsman Service
06/05/2019The U.K. Financial Conduct Authority has issued a press release announcing that Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. Baroness Manzoor will take up the role on August 2, 2019 and takes over from Sir Nicholas Montagu, who has held the role for more than seven years. Baroness Manzoor has spent over 20 years at board level within large organizations and was appointed to the House of Lords in 2013. Between March 2018 and May 2019, she served as House of Lords Government Whip and Minister.
View the press release.
Chair Appointed for EU Coordination Network on Sustainability
The European Securities and Markets Authority has announced that Ana María Martínez-Pina Garcia, (Vice-Chair of the Comisión Nacional del Mercado de Valores in Spain) has been appointed as Chair of ESMA's new Coordination Network on Sustainability.
View the announcement.
José Manuel Campa Takes on New Role as European Banking Authority Chairperson
José Manuel Campa, the former Global Head of Regulatory Affairs at Santander, commenced his new role as Chairperson of the European Banking Authority. He will retain the role for a renewable term of five years.
Mr Campa has confirmed he is "committed to continuing the work started by my predecessor Andrea Enria to build a single supervisory and regulatory framework for the entire banking sector in the EU, and to ensure a stable and safe Single Market that benefits and protects consumers, businesses and the wider community."
View the EBA's announcement.
European Banking Authority Board Nominates New Chair
The Board of Supervisors of the European Banking Authority has nominated José Manuel Campa (Global Head of Regulatory Affairs at Santander) as the new Chair of the EBA. Subject to any objection by the European Parliament within one month, José Manuel Campa will succeed Andrea Enria as the new Chair of EBA for a renewable term of five years.
View the EBA announcement.
New UK Financial Policy Committee Appointments
The U.K. Chancellor of the Exchequer announced the appointment of two external members to the Bank of England's Financial Policy Committee, namely Dame Colette Bowe and Dame Jayne-Anne Gadhia. They will replace Richard Sharp and Martin Taylor, who are stepping down at the end of Q1 2019 and Q2 2019, respectively.
The FPC, established in 2013, seeks to identify, monitor and take action to remove or reduce systemic risk in the U.K. financial system, while simultaneously protecting and enhancing its resilience. The FPC consists of six BoE staff and five external members selected for their experience and expertise in financial services.
Dame Jayne-Anne and Dame Colette will start their three years of service before the FPC's Q2 and Q3 meetings, respectively.
View the announcement.
Financial Stability Board Appoints new Chair and Vice Chair
The Financial Stability Board has announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the U.S. Federal Reserve System) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as its Vice Chair for a three-year term starting on December 2, 2018. Klass Knot will succeed Randal K. Quarles as Chair on December 2, 2021 for the next three-year term.
The current FSB Chair, Mark Carney, will step down on December 1, 2018 after seven years of leadership.
View the press release.
UK Serious Fraud Office to Recruit New Senior Staff to Management Team
The U.K.'s Serious Fraud Office has announced that it will be restructuring and expanding its management team with two new senior appointments:
- A new Head of Intelligence to enable the SFO to move to a more proactive approach to sourcing new cases. This appointment will enable the Head of Investigations to focus on advising on investigative strategy and leading the professional development of investigators.
- A new Head of Corporate Services to manage the finance, human resources, procurement and facilities management functions. This new appointment will enable the General Counsel to focus on legal matters.
The recruitment process for the new roles will run concurrently with recruitment of an appropriate replacement for the SFO's current General Counsel, who will be leaving the SFO later in the year after six years.
View the SFO press release.
Bank of England Governor to Stay on Until Brexit
HM Treasury has published a press release announcing that Bank of England Governor Mark Carney will remain in his position for an extended term until January 31, 2020. The extension of Dr. Carney's term will ensure continuity at the BoE until Brexit is completed. A new governor would be appointed during Autumn 2019 after the terms for the U.K.'s withdrawal and the framework for the future U.K.-EU partnership have been agreed.
Sir Jon Cunliffe, BoE Deputy Governor with responsibility for financial stability, has also been re-appointed for a term from November 1, 2018 to October 2023.
View the HM Treasury press release.
View the correspondence between Dr. Carney and the Chancellor of the Exchequer.
UK Financial Conduct Authority Appoints New Director of Competition
The U.K. Financial Conduct Authority has issued a press release announcing the appointment of Sheldon Mills as its new director of competition. Mr. Mills is currently senior director, mergers and state aid at the Competition and Markets Authority. Mr. Mills will take up his role in November 2018.
View the FCA press release.
US Federal Reserve Board Division of Research and Statistics Director, David Wilcox, to Retire
The U.S. Board of Governors of the Federal Reserve System Announced that David Wilcox, the director of the Federal Reserve Board’s Division of Research and Statistics, would retire at the end of the year. Mr. Wilcox has served as the director of the division for 7 years, and in his 30 years of service has also held positions on the staff of the President's Council of Economic Advisers, as assistant secretary for economic policy at the Treasury Department and as deputy director of the Division of Research and Statistics.
View full text of the Federal Reserve Press.
Bank of England Establishes Enforcement Decision Making Committee and Appoints Members
Following a consultation that ran between November 2017 and February 2018, the Bank of England has published a policy statement on the procedure and necessary revisions to existing policies and procedures required for the establishment of an Enforcement Decision Making Committee.
The EDMC has been established as a response to a recommendation from HM Treasury arising from its review of enforcement decision-making at the U.K. financial regulators. HM Treasury had recommended the establishment of a functionally-independent decision-making committee composed of independent members with expertise suited to the Prudential Regulation Authority's regulatory focus. The BoE has gone beyond HM Treasury's original recommendation and, going forward, the EDMC will be the BoE's decision-making body in contested enforcement cases that relate to all areas in which the BoE has enforcement powers (that is, prudential regulation, financial market infrastructure, resolution and note issuances). It will ensure the necessary functional separation between the BoE's investigation teams and decision-makers.
Alongside the Policy Statement, the BoE has published revised statements of policy and procedures reflecting the EDMC's establishment. These cover the EDMC's remit and operation and the selection, appointment, remuneration and governance of EDMC members. The BoE has also issued a press release announcing its appointment of six EMDC members. Members are appointed for renewable, fixed, three-year periods and cannot serve more than two consecutive terms.
US Federal Reserve Vice Chairman Randal Quarles Sworn in for Second Term
Randal Quarles, current Vice Chairman for Supervision, was sworn in for his second term as a member of the U.S. Board of Governors of the Federal Reserve System. Vice Chairman Quarles’s term as Vice Chairman for Supervision ends in 2021, while his term as a member of the Federal Reserve Board ends in 2032.
View full text of the Federal Reserve Board press release.
Upcoming Changes to the EU Single Resolution Board's Composition
The EU Single Resolution Board has announced that Sr. Mauro Grande, Board Member and Director of Resolution Strategy and Cooperation, intends to leave his position. Sr. Grande has been with the SRB since its inception in March 2015. Sr. Grande will vacate the position once a successor is appointed, which is expected in the next few months. The European Commission and the SRB have jointly published a vacancy notice and applications for the position can be made until September 12, 2018.
View the SRB's announcement.
Kathleen Kraninger Nominated to Serve as US CFPB Director
U.S. President Donald Trump announced that he had nominated Kathleen Kraninger to serve as Director of the U.S. Bureau of Consumer Financial Protection. Ms. Kraninger is nominated to replace former CFPB Director Richard Cordray, who resigned in November of 2017. Mick Mulvaney currently serves as Acting Director of the CFPB.
View full White House press release.
John C. Williams Becomes 11th President and CEO of the Federal Reserve Bank of New York
John C. Williams became the 11th President and Chief Executive Officer of the Federal Reserve Bank of New York. President Williams replaces outgoing President William C. Dudley, whose last day as president was June 17, 2018. In a statement given on his first day in office, President Williams noted that his goals as President included openness and transparency, objectivity and independence of thought and a commitment to the diverse needs of constituents across the Federal Reserve Bank of New York’s District.
View President Williams’s full statement.
Professor Julia Black and Jill May Appointed to the Prudential Regulation Committee
HM Treasury has announced the appointment, by the Chancellor, Philip Hammond, of two new external members of the Prudential Regulation Committee for a three-year term: Professor Julia Black and Jill May. In addition, Norval Bryson has been re-appointed to the PRC for a further three-year term.
View the announcement.
European Central Bank Confirms Appointment of Petra Senkovic as Director General
The European Central Bank has announced the appointment of Petra Senkovic as Director General, in the Directorate General Secretariat to the Supervisory Board, from July 1, 2018. Ms. Senkovic has been acting Director General since February 2018. The appointment follows the reorganization of the ECB's banking supervision division.
View the announcement.
US Federal Reserve Board Nominations Approved by US Senate Banking Committee
The U.S. Senate Committee on Banking, Housing, and Urban Affairs approved the nominations of the Honorable Richard Clarida to be a Member and Vice Chairman of the Federal Reserve Board and Ms. Michelle Bowman to be a Member of the Federal Reserve Board. The approved nominations will now advance to the full U.S. Senate for confirmation votes.
View further information regarding the nominations.
Bao Nguyen and Ted Dowd Named Deputy Chief Counsels of the US Office of the Comptroller of the Currency
The U.S. Office of the Comptroller of the Currency announced that it had selected Bao Nguyen and Ted Dowd to serve as Deputy Chief Counsels in the OCC’s Office of the Chief Counsel. Mr. Nguyen will serve as the Principal Deputy Chief Counsel and the OCC Law Department’s chief operating officer. Mr. Nguyen will also supervise the Bank Activities and Structure and the Community and Consumer Law divisions, and the Northeast district counsel office. Mr. Dowd will supervise the OCC’s Legislative and Regulatory Activities and Securities and Corporate Practices divisions, and the Central and Western district counsel offices.
View full text of the OCC press release.
Jelena McWilliams Sworn in as Chair of US Federal Deposit Insurance Corporation
Jelena McWilliams was sworn in as the 21st Chair of the U.S. Federal Deposit Insurance Corporation. Chair McWilliams succeeds Martin J. Gruenberg, who served as Chairman of the FDIC since November of 2012 and as a Member of the FDIC Board of Directors since August of 2005.
View full text of the FDIC press release.
New Chair Appointed to Bank of England's Governing Body
The Bank of England has announced the appointment of Bradley Fried as Chair of the Court of the BoE, replacing Sir Anthony Habgood, as of July 1, 2018. The Court is the BoE's governing body that manages its affairs except for the formulation of monetary policy. In addition, the BoE announced the appointment of Diana Noble and Anne Glover as non-executive directors to the Court and that Tim Frost had rotated off the Court, each as of May 31, 2018.
View the announcement.
Jelena McWilliams Confirmed as Chair of the US Federal Deposit Insurance Corporation
The U.S. Senate voted to confirm the nomination of Jelena McWilliams as Chair and Member of the Board of Directors of the U.S. Federal Deposit Insurance Corporation.
View Information regarding Chair Mc Williams’s nomination.
View confirmation of Member of the Board of Directors.
Jens Weidmann Re-Elected as Chair of the Bank of International Settlements Board
The Board of Directors of the Bank for International Settlements has announced the re-election of Jens Weidmann, President of the Deutsche Bundesbank, as Chair of the BIS Board.
View the announcement.
Thomas M. Hoenig Steps Down as US Federal Deposit Insurance Corporation Vice Chairman
Thomas M. Hoenig announced that, effective April 30, 2018, he was stepping down as Vice Chairman and Member of the Board of Directors of the U.S. Federal Deposit Insurance Corporation. Mr. Hoenig served a full six-year term at the FDIC, since joining in April of 2012. Prior to his service with the FDIC, Mr. Hoenig served as President of the Federal Reserve Bank of Kansas City, and was a member of the Federal Open Market Committee.
View full text of the FDIC press release.
President Donald Trump Announces Intent to Nominate Two New Board Members of the US Board of Governors of the Federal Reserve System
President Donald Trump announced his intent to nominate Michelle Bowman and Richard Clarida to serve as Members of the U.S. Board of Governors of the Federal Reserve System. Ms. Bowman, currently the Kansas State Bank Commissioner, is to be nominated to serve as a Member of the Federal Reserve Board as the Community Bank Representative representing Region eight. She is being nominated to serve the remainder of a 14-year term that expires on January 31, 2020. Mr. Clarida, currently the Lowell Harriss Professor of Economics at Columbia University, is to be nominated to serve as Vice Chairman of the Federal Reserve Board for a 4-year term, and to serve the remainder of a 14-year term as a Member of the Federal Reserve Board representing Region 1, expiring on January 31, 2022.
View full text of the White House press release.
Director of US Office of Foreign Assets Control, John E. Smith to Step Down
The U.S. Department of the Treasury announced that John E. Smith will be stepping down as director of the U.S. Office of Foreign Assets Control in early May 2018. Mr. Smith’s 11-year career with OFAC includes serving as Acting Director/Director of OFAC since February 2015, and previously serving as OFAC’s Deputy Director and as an Associate Director. OFAC Deputy Director Andrea M. Gacki will serve as Acting Director upon Mr. Smith’s departure.
View the full text of the Treasury Department announcement.
John C. Williams Named President and CEO of the Federal Reserve Bank of New York
The Federal Reserve Bank of New York announced that John C. Williams has been named its president and chief executive officer. Mr. Williams currently serves as the president and chief executive officer of the Federal Reserve Bank of San Francisco, a position he has held since 2011. Mr. Williams joined the Federal Reserve Bank of San Francisco in 2002, and prior to his appointment as president, served as executive vice president and director of research. Mr. Williams has also served as a senior economist at the White House Council of Economic Advisers. Mr. Williams will begin as president and chief executive officer on June 18, 2018, succeeding current president William C. Dudley, who is retiring.
View Tte full text of the Federal Reserve Bank of New York announcement.
Jerome Powell Sworn in as Chairman of the US Board of Governors of the Federal Reserve System
Jerome Powell was sworn in as Chairman of the US Board of Governors of the Federal Reserve System. Mr. Powell also serves as Chairman of the Federal Open Market Committee.
View the Federal Reserve Board press release.
Nausicaa Delfas Appointed as Executive Directive of International at the Financial Conduct Authority
The Financial Conduct Authority has appointed Nausicaa Delfas as Executive Directive of International. The appointment creates a new role at the FCA and highlights the importance of developing the FCA's strategy for international engagement, especially in the lead up to the UK's withdrawal from the EU.
View the FCA's press release.
Senate Banking Committee Holds Hearing for Three Financial Regulatory Agency Nominees
The United States Senate Committee on Banking, Housing and Urban Affairs held a hearing for three individuals whose nominations to US federal financial institution regulator positions are pending. The nominees and their respective positions are: Ms. Jelena McWilliams to be Chairperson and a Member of the Board of Directors of the US Federal Deposit Insurance Corporation; Dr. Marvin Goodfriend to be a Member of the US Board of Governors of the Federal Reserve System; and Mr. Thomas E. Workman to be a Member of the US Financial Stability Oversight Council.
View transcript of Ms. McWilliam’s prepared statement.
View transcript of Dr. Goodfriend’s prepared statement.
View transcript of Mr. Workman’s prepared statement.
Jerome Powell Confirmed as Next Chair of the US Board of Governors of the Federal Reserve System
The US Senate voted 84-13 in favor of confirming Jerome Powell as the next Chair of the US Board of Governors of the Federal Reserve System. During the confirmation vote, Chairman of the US Senate Committee on Banking, Housing and Urban Affairs, Mike Crapo, delivered a statement in favor of Mr. Powell’s nomination. Mr. Crapo stressed the importance of the position of Federal Reserve Board Chair, and praised Mr. Powell for his prior experience, regulatory and market knowledge and track record.
View Mr. Crapo’s statement at Mr. Powell’s confirmation vote.
Federal Reserve Board Announces 2018 Chair Appointments for Federal Reserve Banks
The US Board of Governors of the Federal Reserve System announced its 2018 chair and deputy chair appointments for Federal Reserve Banks. Each year, the Federal Reserve Board appoints one member from each Federal Reserve Bank’s nine-member board of directors to serve as chair, and one member to serve as deputy chair.
View the Federal Reserve Board press release announcing the appointments.
UK Financial Conduct Authority New Chair - Charles Randell CBE
HM Treasury has announced that Charles Randell CBE will become chair of the Financial Conduct Authority and the Payment Systems Regulator from April 1, 2018. He will replace the outgoing chair, John Griffith-Jones.
View HM Treasury's announcement.
Norman Williams Appointed as Deputy Comptroller for Economic and Policy Analysis
The US Office of the Comptroller of the Currency announced that Norman Williams has been appointed Deputy Comptroller for Economic and Policy Analysis. Mr. Williams, who joined the OCC in 2006, will succeed Gary Whalen who has retired, and will oversee the Industry and Regional Analysis, International Analysis and Banking Condition and Policy Analysis divisions at the OCC, which conduct research and analysis with respect to financial and economic risks faced by national banks and federal savings institutions. Prior to his time at the OCC, Mr. Williams served as the Chief of the Economic Analysis Section at the US Federal Deposit Insurance Corporation. This appointment took effect on January 7, 2018.
View the announcement of Mr. Williams’s appointment.
Rosa Gil to Join New York Fed Board of Directors
The Federal Reserve Bank of New York announced the appointment by the Federal Reserve Board of Dr. Rosa Gil as a Class C director of the FRBNY.
View the Federal Reserve Bank of Richmond press release regarding the appointment.