He has more than 20 years of experience as a top U.K., EU and global regulator of banks and insurance companies.
As Deputy Head of the PRA, and earlier serving as a director of the Financial Services Authority (FSA), Mr. Sharma was responsible for major regulatory reforms including the liquidity, capital adequacy, (Vickers) ring-fencing, risk management, governance and senior persons standards for banks, and the solvency, technical provisions, risk management, governance and senior persons standards for insurers. He was also a member of the Bank Resolution Committee of the Bank of England.
At the FSA, he led the wholesale conduct implementation of the EU Markets in Financial Instruments Directive (MiFID), for the client-asset and client-money regime, and for the regulatory reporting regimes (COREP, FINREP, insurance). He participated in the FSA's reforms of the mortgage market and in the FSA's retail distribution review (RDR). He also managed the FSA's risk review department of quantitative and qualitative risk specialists, responsible for validating the financial modeling of banks and insurance companies.
Mr. Sharma was a member of the Basel Committee of Banking Supervision (BCBS) and the Executive Board of the International Association of Insurance Supervisors (IAIS), and the U.K.'s alternate member of the Boards of Supervisors of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Systemic Risk Board. He chaired the key BCBS and IAIS financial stability work responsible for identifying the globally-systemically important banks and insurers, and also chaired the joint Risk Committee of the three European Supervisory Authorities (EBA, EIOPA and European Securities and Markets Authority, ESMA).
He led the U.K. regulator's negotiation and implementation of the BCBS's Basel 2 and 3 standards, the IAIS Common Framework standards and the EU Capital Requirements and Solvency II directives.
During his 20 year career as a regulator, Mr. Sharma was at the center of key market events such as the reconstruction and renewal of the Lloyd's insurance market, the schemes of arrangement to stabilize the run off of major non-life and life insurance companies, stress testing to determine the recapitalization needed at major banks, the recovery and resolution planning and execution for major banks and insurers, the design of new capital instruments, group structures and forms of securitizations, the reform of accounting, disclosure and reporting for banks and insurance companies, and assessing the financial implications of key conduct issues such as bank account charging and professional indemnity insurance mis-selling.
Mr. Sharma is an accountant (U.K. chartered) and actuary (Honorary U.K. Faculty of Actuaries) and earned a master’s degree in mathematics from Cambridge University. He was recently named a Distinguished Fellow of the International Association of Insurance Supervisors (IAIS) in recognition of his deep involvement in and outstanding service to the IAIS and its activities.