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
The Senior Managers and Certification Regime (SMCR) comes into force for solo-regulated firms on 9 December 2019 (Commencement Date). Firms are required to be compliant with large parts of the regime by Commencement Date, but some parts of the SMCR do not come into force until 12 months after Commencement Date. The FCA has created … Continue Reading
On 27 September 2019, the PRA published Policy Statement 20/19: strengthening individual accountability – resolution assessments and reporting amendments (PS20/19). In PS20/19 the PRA sets out its final policy in respect of amendments to: the prescribed responsibility (PR) for recovery plans and resolution packs contained in the Allocation of Responsibilities part of the PRA Rulebook. … Continue Reading
On 11 September 2019, the FCA published further information for FCA solo-regulated firms concerning the extension of the senior managers and certification regime (SMCR). The FCA has updated its webpage on checklists for solo-regulated firms implementing SMCR to include additional information in relation to Form K, the form that firms must submit to the FCA … Continue Reading
On Wednesday 4th September, delegates from across the financial services industry attended our breakfast briefing for an exploration of what firms are doing as they make their final preparations for SMCR implementation. In a departure from the usual briefing format, delegates were invited to participate in a series of roundtable discussions, each of which was … Continue Reading
On 5 August 2019, the FCA published a new webpage containing the findings of its review into the embedding of the Senior Managers and Certification Regime (SM&CR) in the banking sector. Generally, the FCA found that the banking industry had made a concerted effort to implement the SM&CR finding that most firms have taken actions … Continue Reading
On 26 July 2019, the FCA published Policy Statement 19/20: Optimising the Senior Managers & Certification Regime and feedback to CP19/4 (PS19/20). In January 2019, the FCA consulted on changes to optimise the Senior Managers and Certification Regime (SM&CR). In PS19/20 the FCA summarises the feedback it received to the consultation, its response to the … Continue Reading
There was published on the legislation.gov.uk website, the Bank of England and Financial Services Act 2016 (Commencement No.6 and Transitional Provisions) Regulations 2019. The Senior Managers and Certification Regime (SM&CR) comes into force for solo regulated firms from 9 December 2019. However, these Regulations provide for two exceptions to the commencement date, for newer categories … Continue Reading
On 10 July 2019, the FCA published a new web page, ‘Senior Managers and Certification Regime: Finalising FCA Rules’. On the web page the FCA explains that the Senior Managers and Certification Regime (SM&CR) is due to be extended to FCA solo regulated firms including claims management companies (CMCs) from 9 December 2019. However, given … Continue Reading
On 7 June 2019, the FCA published its latest Quarterly Consultation (No. 24). The Quarterly Consultation provides for the following proposed changes to the FCA Handbook: chapter 2 – modifications to General Provision (GEN) and fees and levy rate rules (FEES) for 2019/20 in relation to Gibraltar based firms; chapter 3 – the introduction of … Continue Reading
On 7 June 2019, the PRA published Consultation Paper 12/19: Strengthening individual accountability: resolution assessments and reporting amendments (CP12/19). In CP12/19 the PRA proposes amending: Rule 4.1.(10) in the Allocation of Responsibilities Part of the Rulebook so that the senior manager who is assigned the prescribed responsibility for recovery plans and resolution packs would, for … Continue Reading
Two years ago the FCA issued a statement regarding its supervisory intentions concerning whether an individual in charge of a firm’s legal function required approval under the Senior Managers’ and Certification Regime (SM&CR). Specifically, the statement was in response to firms asking the regulator how Senior Management Function 18 – Other Overall Responsibilities (SMF18) applies … Continue Reading
On 23 January 2019, the FCA published Consultation Paper 19/4 (CP19/4), ‘Optimising the Senior Managers & Certification Regime (SM&CR) and feedback to DP16/4 – Overall responsibility and the legal function’. CP19/4 should be read by firms subject to the banking SM&CR; insurers; FCA solo-regulated firms authorised under FSMA; and EEA and third country branches. The … Continue Reading
On 11 October 2018, the FCA published a guidance consultation relating to the senior managers’ and certification regime (SMCR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines … Continue Reading
Today, the FCA published the long-awaited near final rules on the extension of the SMCR to those firms regulated by the FCA only: PS18/14 – Extending the Senior Managers and Certification Regime to FCA firms The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms PS18/15 – Extending the Senior Managers and Certification Regime … Continue Reading
The FCA has published Consultation Paper 17/42: The Duty of Responsibility for insurers and FCA solo-regulated firms (CP17/42). In CP17/42 the FCA consults on extending the duty of responsibility (that already applies to firms currently subject to the Senior Managers and Certification Regime (SM&CR)) to FCA solo-regulated firms and insurance and reinsurance firms. In CP17/42 … Continue Reading
In July 2017, the FCA published a Consultation Paper in which it proposed changes that would extend the senior managers and certification regime (SM&CR) to FCA solo-regulated firms (our blog is here). At the time of this consultation the FCA stated that it would separately consult on the operational aspects of the new regime, including … Continue Reading
On 26 July 2017, the FCA published Consultation Paper 17/25: Individual accountability: Extending the Senior Manager & Certification Regime (SM&CR) regime to all FCA firms (CP17/25).… Continue Reading
A new client briefing note concerning the extension of the senior managers’ regime is now available. If you would like a copy please contact Charlotte Henry.… Continue Reading
The PRA has published Policy Statement 24/17: Strengthening accountability in banking: changes to SMR forms (PS24/17). In PS24/17 the PRA provides feedback to the responses to chapter 4 of Consultation Paper 8/17: Strengthening accountability in banking and insurance: optimisations to the SIMR, and changes to SMR forms (CP8/17). In CP8/17 the PRA proposed a number … Continue Reading
Introduction The FCA has published two consultation papers extending the senior managers and certification regime which is already in place in the banking sector. The consultation papers are: Consultation Paper 17/25: Individual accountability – extending the senior managers and certification regime to all FCA firms (CP17/25); and Consultation Paper 17/26: Individual accountability: extending the senior … Continue Reading
An important part of the FCA’s Asset Management Market Study are the proposals that seek to strengthen the requirements on senior managers of an authorised fund manager (AFM). Key among these proposals is an extension of the senior managers’ regime (SMR) to certain AFM board members. Respondents to the FCA’s November 2016 interim report suggested … Continue Reading
