On November 19, the UK’s Financial Conduct Authority (FCA) published a consultation paper proposing an increase to application fees paid by new businesses seeking its authorization and application changes made under the Senior Managers Certification Regime (SMCR) (the Consultation Paper).
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Senior Managers Regime
FCA Extends SM&CR Deadlines and Confirms Publication Dates for SM&CR Directory Person Data
Posted in Financial Markets, UK Developments
On October 28, the UK’s Financial Conduct Authority (FCA) published a policy statement on the extension of implementation deadlines for solo-regulated firms under the Senior Managers and Certification Regime (SM&CR) regarding the certification regime and conduct rules (the Policy Statement).
The deadlines extended in the Policy Statement from December 9, 2020 to March 31, 2021 by the FCA include:
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FCA Updates Webpage on Its Directory of Certified and Assessed Persons
Posted in Financial Markets, UK Developments
On October 12, the UK’s Financial Conduct Authority (FCA) updated its webpage on its directory of certified and assessed persons (the Directory) to clarify data submission requirements for solo-regulated firms under the Senior Managers and Certification Regime (SM&CR) (the Webpage).
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SM&CR: Disciplinary Action and Conduct Rules Reporting for Staff at FCA-Regulated Firms
Posted in Financial Markets, UK Developments
On August 13, the UK’s Financial Conduct Authority (FCA) published a new webpage on conduct rules reporting for FCA solo-regulated firms under the Senior Managers and Certification Regime (SM&CR).
The annual reporting obligation under the SM&CR, using the FCA’s Form REP0008 (filed online using the FCA’s Gabriel portal), requires FCA solo-regulated firms to inform the FCA if disciplinary action has been taken against individuals who are not Senior Managers (i.e., not just certified staff) for breaches of the FCA Conduct Rules.
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FCA and PRA Publish Guidance on Key Financial Workers Critical to COVID-19 Response
Posted in Financial Markets, UK Developments
On March 20, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulatory Authority (PRA) separately published guidance on steps for firms to take to identify key workers in the financial services industry (as, exceptionally during this crisis period while schools are closed, the children of such key workers may continue to attend UK schools).
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FCA Updates SM&CR Webpage
Posted in Financial Markets, UK Developments
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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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 Consults on Transitioning Firms and Individuals to SM&CR
By Neil Robson on
Posted in Financial Markets, UK Developments
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.
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FCA Opens Consultation on Expectations of Firms in Unregulated Markets and Industry Codes of Conduct
Posted in Financial Markets, UK Developments
On November 3, the UK Financial Conduct Authority (FCA) published a consultation paper (CP17/37) on supervising adherence to proper standards of market conduct for unregulated markets and activities, including standards set out in industry-written codes of conduct.
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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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