On November 23, the UK’s Financial Conduct Authority (FCA) updated its webpage confirming that data on certified and assessed persons (Directory Persons) submitted by dual-regulated firms under the Senior Managers and Certification Regime (SM&CR) is now live on the Financial Services Register (FS Register) (the Webpage).
Continue Reading FCA Launches Data on Directory Persons on Financial Services Register

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:
Continue Reading FCA Extends SM&CR Deadlines and Confirms Publication Dates for SM&CR Directory Person Data

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).
Continue Reading FCA Updates Webpage on Its Directory of Certified and Assessed Persons

On September 24, the UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) updated their respective statements, originally published in March, regarding key workers and working from home during the COVID-19 pandemic. Both the FCA and PRA advised firms to follow government advice on remote working until notified otherwise.
Continue Reading COVID-19: FCA and PRA Updates on Working from Home and Key Workers

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. 
Continue Reading SM&CR: Disciplinary Action and Conduct Rules Reporting for Staff at FCA-Regulated Firms

On May 6, the Financial Conduct Authority (FCA) published a statement on the modification by consent (the Modification) in relation to the Senior Managers and Certification Regime (SM&CR) to extend the maximum period firms can arrange cover for absent senior managers as a result of the COVID-19 pandemic (the Statement).
Continue Reading FCA Statement on Modification by Consent in Relation to SM&CR

On April 6, the UK’s Financial Conduct Authority (FCA) updated its joint statement with the UK’s Prudential Regulation Authority (PRA) on its expectations of dual-regulated firms applying the Senior Managers and Certification Regime (SM&CR) during the COVID-19 pandemic (the Statement).
Continue Reading FCA Statement on Expectations of Dual-Regulated Firms

On February 27, the UK’s Financial Conduct Authority (FCA) published a “Dear CEO” letter regarding the London Interbank Offered Rate (LIBOR) (the Letter). In the Letter, Head of Asset Management Supervision at the FCA, Nick Miller, noted that “LIBOR will cease after December 2021” and that asset managers must “prepare now for the end of LIBOR.”
Continue Reading FCA Publishes LIBOR Dear CEO Letter