United Kingdom

Topic: Senior Managers

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SI delaying the deadline for solo-regulated firms to undertake their first assessment of the fitness and propriety of certified persons

On 2 September 2020, there was published on legislation.gov.uk The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020. The statutory instrument amends the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 (the 2019 Regulations) as follows: Regulation 2(2) … Continue Reading

New FCA webpage – REP008: Conduct Rules reporting for solo-regulated firms

On 14 August 2020, the FCA published a new web page concerning the annual conduct rules reporting requirement that the Senior Managers and Certification Regime introduced for solo regulated firms. The report is called REP008 and it has been added to all solo regulated firms’ Gabriel schedules. The web page covers: When to submit REP008. … Continue Reading

FCA consults on extending implementation deadlines for the certification regime and conduct rules

On 17 July 2020, the FCA published Consultation Paper 20/10: Extending implementation deadlines for the certification regime and conduct rules (CP20/10). HM Treasury will lay a Statutory Instrument (SI) before Parliament to delay the deadline to the certification regime until 31 March 2021. The delay is intended to give firms significantly affected by the COVID-19 … Continue Reading

PRA consults on minor changes to its SM&CR forms

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

FCA extends fitness and propriety assessment deadline for solo regulated firms

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

FCA sets out expectations on the Approved Persons Regime during coronavirus

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

FCA Policy Statement on extending the Senior Managers Regime to benchmark administrators

On 2 June 2020, the FCA published Policy Statement 20/5: Extending the Senior Managers Regime to benchmark administrators: final rules (PS20/5). In PS20/5 the FCA sets out its final rules and guidance for extending the Senior Managers Regime (SMR) and conduct rules to benchmark administrators. PS20/5 will affect benchmark administrators authorised in the UK that … Continue Reading

Period to cover absent Senior Managers extended due to coronavirus

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

Joint FCA and PRA statement Senior Managers and Certification Regime (SM&CR) and coronavirus (COVID-19): our expectations of dual-regulated firms

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

April 2020 40 Minute Briefing – Managing your relationship with the regulator: the individual accountability agenda

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

FCA announces delay to launch of directory for certified and assessed persons

On 25 March 2020, the FCA updated its web page concerning the Directory of Certified and Assessed Persons. The updated web page states that following the COVID-19 outbreak, the FCA has delayed the publication of the directory of certified and assessed persons, which was due to be published on the FS Register by the end … Continue Reading

Updated FCA webpage – SMCR ongoing requirements

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

Updated FCA webpage – SMCR

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

MiFID investment firms will need to use a new form to notify FCA of management body changes for non-SMF directors

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 … Continue Reading

SMCR is only one week away

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

Extending the Senior Managers and Certification Regime to Benchmark Administrators

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

Treasury Select Committee report on IT failures in the financial services sector

On 28 October 2019, the House of Commons Treasury Committee published a report on IT failures in the financial services sector. The report sets out a number of conclusions and recommendations following a series of written submissions from various stakeholders (see previous blog here). These recommendations include: further regulatory intervention to improve the operational resilience … Continue Reading

New FCA webpage – Form K explained

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

PRA letter to Treasury Select Committee on IT failures in the financial services sector

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 transitional provisions under the SMCR

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

PRA Policy Statement on strengthening individual accountability: resolution assessments and reporting amendments

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

FCA updated information on SMCR extension for FCA solo-regulated firms

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

Delegates share experiences at our SMCR breakfast briefing

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
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