There has been published a written statement by Lord Deighton (The Commercial Secretary to the Treasury) concerning a written ministerial statement made by Andrea Leadsom, Economic Secretary to the Treasury concerning the senior managers and certification regimes (SM&CR).
In the written statement Lord Deighton states that the Government has decided that the SM&CR will come into operation on 7 March 2016. In addition, to facilitate an orderly transition from the approved persons regime, firms will be required to notify the PRA and FCA by 8 February 2016 of the approved persons who are to be senior managers under the SM&CR.
The Government has also decided to apply the SM&CR regime to UK branches of overseas firms. The regime will come into operation on 7 March 2016 and such firms will have until 8 February 2016 in which to notify the regulators of the approved persons who are to be the senior managers in their UK branches. HM Treasury will now make an Order to implement the measure. The Government intends to arrange the debates as early as possible in the next Parliament. The PRA and FCA will shortly be consulting on additional rules concerning the application of the SM&CR to UK branches of overseas firms.
View Banking Reform: Senior Managers and Certification Regime: Written statement, 3 March 2015