On 19 August, the FCA published Primary Market Bulletin (PMB) No. 30. This edition of PMB covers general news and provides updates as to the changes made to the FCA’s Knowledge Base. There are also reminders as regards the importance of the PDMR regime under MAR, and updates on recent changes to the Prospectus Regulation … Continue Reading
On 13 July 2020, the PRA issued Consultation Paper 7/20 ‘Strengthening Accountability: SM&CR Forms update’ (CP7/20). In CP7/20 the PRA proposes minor amendments to the PRA Rulebook, the Notifications Form and the Senior Manager & Certification Regime (SM&CR) Form L. The proposals would result in changes to the Notifications Part of the PRA Rulebook (Appendix … Continue Reading
The Treasury has agreed to delay the date on which solo regulated firms are required to have assessed their certified staff as fit and proper, from 31 December 2020 to 31 March 2021. To ensure SM&CR deadlines remain consistent, and to provide extra time for firms that need it, the FCA intend to consult on … Continue Reading
The Approved Persons Regime (APER) continues to be used by Benchmark Administrators and Appointed Representatives (ARs). In recognition that firms may need longer periods of temporary arrangements if, for example, an Approved Person is absent because of coronavirus, or if recruitment to replace an Approved Person has been delayed due to the pandemic, the FCA … Continue Reading
On 1 July we will be releasing the July edition of the 40 minute briefing. The webinar will cover issues relating to operational resilience, with views from lawyers and consultants on the following: The operational resilience process – mapping, impact tolerances and testing Outsourcing and third party supply What we are seeing in the market … Continue Reading
Financial institutions have to deal with two challenges in the face of the COVID-19 pandemic. The first challenge is financial – how to address and mitigate the sharp drop in the value of financial assets or loss of liquidity. The second challenge is operational – how to address the risk of failure of resources (people, … Continue Reading
The recording of our June 40 minute briefing webinar is available here. The webinar covers: Key recent EU developments. The latest UK developments affecting asset managers. Spotlight on Environment Social Governance issues. What should asset managers be doing to prepare for the IBOR transition? Key compliance and governance questions for asset managers, including operational resilience … Continue Reading
On 6 May 2020, the FCA announced that it had extended the maximum period firms can arrange cover for a Senior Manager without being approved, from 12 weeks to 36 weeks, in a consecutive 12-month period. The modification by consent to rule SUP10.3.13R is available to all solo regulated firms. It aims to provide flexibility … Continue Reading
In its latest financial services 40 minute briefing webinar lawyers, compliance and government relations professionals from our financial services group considered market conduct in these uncertain times. Whilst the FCA has been flexible in its approach so that firms may focus on operational resilience during the pandemic the regulator has made it clear that the … Continue Reading
Just as the challenges faced by individuals and businesses during the pandemic are exceptional, so too is the Government’s response, and it is clear that both of the UK regulators expect firms to approach their business in the same way. There are lessons to be learned from the experience of the last financial crisis, as … Continue Reading
Our latest 40 minute briefing webinar will be taking place on 6 May 2020 from 8:45am to 9:45am. In this latest webinar lawyers, compliance and government relations professionals from our financial services group consider market conduct in these uncertain times. The webinar will cover: Hot market integrity topics: (i) adverse financial performance and inside information … Continue Reading
Regulators see good governance, which enables effective oversight of decision making, as critical to the delivery of sound business management and reducing potential harm to consumers and market participants. Within the current climate, the FCA is also recognising that firms directly affected by coronavirus will need to keep their governance arrangements under review and make … Continue Reading
On 3 April 2020, the FCA and the PRA issued a joint statement concerning their expectations of dual regulated firms as regards the senior managers and certification regime in light of the COVID-19 pandemic. The FCA and PRA recognise that firms directly affected by the pandemic will need to keep their governance arrangements under review. … Continue Reading
On 1 April 2020, Norton Rose Fulbright hosted a virtual roundtable as part of the 40 Minute Briefing series. The session focussed on the individual accountability agenda, whilst also factoring in recent developments as to the COVID 19 outbreak, and how accountability frameworks would be viewed in light of the revised working patterns that firms … Continue Reading
On 29 March 2020, the FCA issued a statement making it clear to firms how they should prioritise who should need to travel to the office and the responsibilities of senior managers in doing so. The statement applies to all FCA-regulated firms across the UK.… Continue Reading
Introduction The COVID-19 outbreak has been declared as a public health emergency of international concern by the World Health Organization, which is causing a significant impact to people’s lives, businesses and the wider economy. Whilst a significant effort is being made globally to contain the virus, crises such as these can unfold unpredictably. Therefore as … Continue Reading
On 5 March 2020, the FCA published Discussion Paper 20/1: Transforming culture in financial services – driving purposeful cultures (DP20/1). In DP20/1 the FCA sets out a collection of essays from industry leaders, professional bodies and culture experts which explore the role of purpose in driving a healthy, sustainable culture. The FCA is not requesting … Continue Reading
On 13 December 2019, the FCA updated its webpage on the senior managers and certification regime (SMCR) for solo-regulated firms. The updated webpage contains reminders and clarifications on ongoing requirements for firms and other considerations. In particular, the FCA reminds firms: to identify the individuals that need to be certified on an annual basis and that annual … Continue Reading
On 12 December 2019, the FCA updated its webpage on the senior managers and certification regime (SMCR) for solo-regulated firms. The updated webpage provides a note on Approved Persons Regime (APR) applications that were in progress at the commencement of the SMCR. For core and limited scope firms, the FCA has automatically converted APR applications … Continue Reading
On 12 December 2019, the Committee on Payments and Market Infrastructures (CPMI) published a report on wholesale digital tokens, focussing on their potential for use as a means of settling wholesale transactions. Wholesale transactions are typically settled by updating account balances recorded on a centralised register such as a settlement institution’s ledger. But the development … Continue Reading
The extension of the senior managers and certification regime (SMCR) is now only one week away from its implementation date of 9 December 2019. If you do not yet have your implementation plans fully in place, or are grappling with the transitional provisions, we can help. We offer a range of solutions, including our SMCR toolkit which provides … Continue Reading
On 29 November 2019, the FCA published a consultation paper (CP 19/31) on how to apply the Senior Managers Regime (SMR) to benchmark administrators. The SMR will come into force for benchmark administrators that do not undertake any other regulated activities on 7 December 2020. In CP 19/31, the FCA explains its proposals to: not … Continue Reading
On 11 October 2019, the FCA published a new webpage providing further information on the submission of Form K; the senior managers and certification regime (SMCR) conversion notification form. Form K enables firms to inform the FCA regarding approved individuals they wish to convert from the Approved Persons Regime to corresponding senior management functions under … Continue Reading
On 8 October 2019, the House of Commons’ Treasury Select Committee (Committee) published a letter (dated 16 September 2019) from Lyndon Nelson, Deputy CEO, PRA, following up on his appearance before the Committee on 24 July 2019, as part of its inquiry addressing IT failures in the financial services sector. During the hearing, Mr Nelson … Continue Reading
