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Topic: Senior Managers

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FCA Policy Statement 19/20: Optimising the Senior Managers & Certification Regime and feedback to CP19/4

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

SM&CR extension – Commencement Regulations

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

Senior Managers and Certification Regime: Finalising FCA Rules

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

Latest FCA Quarterly Consultation includes SM&CR amendments

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

PRA consults on resolution assessments and reporting amendments

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

SM&CR – The role of in-house legal / general counsel

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

FCA consults on optimising the SM&CR

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

SM&CR: FCA guidance consultation on statements of responsibilities and responsibilities maps for FCA firms

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

FCA Releases Near Final Rules on SMCR Extension to the rest of the FS Industry and confirms implementation date

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 Duty of Responsibility for FCA solo-regulated firms

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

CP17/40: Transitioning FCA firms and individuals to the SM&CR

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

PRA publishes Policy Statement on SMR form changes

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

Extending the senior managers’ regime

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

Senior Managers’ Regime and the FCA Asset Management Market Study

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

Senior Managers’ and Certification Regime Toolkit

On 3 May 2017, the financial services team held its latest 40 minute briefing – Senior Managers’ Regime: Extension, Proportionality and Lessons Learnt.  The briefing covered: Who will the extension apply to? Latest thinking from the regulator on proportionality Lessons learnt from the banking sector’s experience with implementing the regime – financial services law matters … Continue Reading

Senior Managers’ Regime update

Both the PRA and the FCA have published a number of policy papers updating the Senior Managers’ Regime (SMR), Certification Regime (CR) and Conduct Rules. The following is a summary. PRA – Regulatory references The PRA has published Policy Statement 27/16: Strengthening accountability in banking and insurance: PRA requirements on regulatory references (part II) (PS27/16). … Continue Reading

Industry Associations’ call on the FCA to exclude general counsel from the Senior Managers’ Regime

The British Bankers’ Association (BBA) and the Association for Financial Markets in Europe (AFME) have published a joint letter that they have sent to the FCA on the application of the senior managers’ regime (SMR) to individuals with overall responsibility for the legal function in banks. The BBA and AFME are concerned that if the … Continue Reading
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