On June 28, the Financial Conduct Authority (FCA) published its final report after its asset management market study (Study), which began in November 2015. Alongside the report, the first of a number of related consultation papers was also published. The report and consultation paper follow the FCA’s interim report published in November 2016, which had indicated many of the conclusions and proposed remedies of the report (for further information on the interim report, please see the Corporate & Financial Weekly Digest edition of December 2, 2016).
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Senior Managers Regime
FCA Clarifies Senior Managers Regime Expectations for Individuals With Overall Responsibility for a Firm’s Legal Function
By Neil Robson on
Posted in UK Developments
On January 27, the Financial Conduct Authority (FCA) announced plans to consult on the application of the Senior Managers Regime (Regime) to individuals with overall responsibility for a firm’s legal function.
The FCA acknowledged uncertainties in the market regarding whether individuals with overall responsibility for a firm’s legal function would require approval under the Regime. It also noted concerns that if such individuals were to be brought within the Regime, they might be required by regulators to disclose otherwise privileged information.
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