Employment in Financial Services

01. What is the primary regulatory regime applicable to financial services employees in your jurisdiction?

02. Are there particular pre-screening measures that need to be taken when engaging a financial services employee?  Does this vary depending on seniority or type of role?  In particular, is there any form of regulator-specified reference that has to be provided by previous employers in the financial services industry?
 

03. What documents should be put in place when engaging employees within the financial services industry?  Are any particular contractual documents required?
 

04. Do any categories of employee need to have special certification in order to undertake duties for financial services employers?  If so, what are the requirements that apply?
 

05. Do any categories of employee have enhanced responsibilities under the applicable regulatory regime?
 

06. Is there a register of financial services employees that individuals will need to be listed on to undertake particular business activities?  If so, what are the steps required for registration?

07. Are there any specific rules relating to compensation payable to financial services employees in your jurisdiction, including, for example, limits on variable compensation, or provisions for deferral, malus and/or clawback of monies paid to employees?
 

08. Are there particular training requirements for employees in the financial services sector?

09. Is there a particular code of conduct and/or are there other regulations regarding standards of behaviour that financial services employees are expected to adhere to?
 

10. Are there any circumstances in which notifications relating to the employee or their conduct will need to be made to local or international regulators?
 

11. Are there any particular requirements that employers should implement with respect to the prevention of wrongdoing, for example, related to whistleblowing or the prevention of harassment?

12. Are there any particular rules or protocols that apply when terminating the employment of an employee in the financial services sector, including where a settlement agreement is entered into?

13. Are there any particular rules that apply in relation to the use of post-termination restrictive covenants for employees in the financial services sector?

14. Are non-disclosure agreements (NDAs) potentially lawful in your jurisdiction? If so, must they follow any particular form or rules?