On December 13, the UK Financial Conduct Authority (FCA) updated its webpage for the Senior Managers and Certification Regime (SM&CR) for solo-regulated firms. In particular, the FCA added two new sections to the landing page: “Ongoing requirements for firms;” and “Other considerations.”
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Approved Persons Regime
SM&CR to Apply to Benchmark Administrators
Posted in Financial Markets, UK Developments
On November 29, the UK’s Financial Conduct Authority (FCA) published a consultation paper on applying the Senior Managers Regime (SMR) to benchmark administrators. (For more information on the Senior Managers and Certification Regime, or SM&CR, please see the July 28, 2017 edition of the Corporate & Financial Weekly Digest.)
SM&CR already applies to banks and insurers, and will apply to most other UK financial services firms as of December 9. Because benchmark administrators only began to be supervised by the FCA in January 2018, the SMR will apply to them starting December 7, 2020. This gives these firms one extra year to prepare for the regime.
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FCA Publishes Proposals To Extend the Senior Managers and Certification Regime to All UK Financial Services Firms
By Neil Robson on
Posted in Financial Markets, UK Developments
On July 26, the Financial Conduct Authority (FCA) published a consultation paper (CP) outlining proposals to extend the Senior Managers and Certification Regime (SM&CR) to all firms authorized under the UK Financial Services and Markets Act 2000 (FSMA).
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