On 2 December 2019, the FCA published an update on its website reminding solo regulated MiFID investment firms and MiFID optional exemption firms (except credit institutions) that, from 9 December 2019, they need to use a new form to submit information to the FCA when appointing non-SMF directors to, or withdrawing them, from their management body.
A preview of the form is available and firms will be able to download it from the FCA Handbook from 9 December 2019.
If a firm’s management body changes, they will need to download the form, complete it and email it to the FCA via NonSMFNotification@fca.org.uk. This is a temporary process. From Q1 2020, firms will be able to submit the form via Connect, the FCA’s online platform. Any firms that don’t currently have access to Connect should register now.
NRF SMCR toolkit
If you do not yet have your SMCR 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 access to a range of key documents that are needed in order to implement the SMCR in your business. The toolkit comes with legal and compliance support should that be required. We can also provide a fully comprehensive set of training packages.
We also encourage clients to access our SMCR hub, which is available on the NRF Institute. With access to briefings, videos, events, and blog posts, the hub provides a comprehensive understanding of the new expectations for anyone preparing for, and needing to comply with, the new regime
To request access to the SMCR hub, please register to join NRF Institute. Once registered, the SMCR hub can be found under the Individual Accountability hub.
Registration indicates acceptance of the terms and conditions which include important information about how our product will be delivered.