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.”
Continue Reading FCA Updates SM&CR Webpage
APR
SM&CR to Apply to Benchmark Administrators
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.
Continue Reading SM&CR to Apply to Benchmark Administrators
FCA Consults on Transitioning Firms and Individuals to SM&CR
On December 13, the UK Financial Conduct Authority (FCA) published three consultation papers (CPs) on the transition from its existing Approved Persons Regime (APR) to the new Senior Managers and Certification Regime (SM&CR).
The CPs follow the FCA’s July 2017 consultation papers, which consulted on extending the SM&CR regime to all regulated firms (including both FCA solo-regulated firms and insurers) (for further information, please see the Corporate & Financial Weekly Digest of July 28, 2017). However, in these most recent consultations, the FCA accepts that proportionate approaches are required to extend the SM&CR to different firms.
Continue Reading FCA Consults on Transitioning Firms and Individuals to SM&CR