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
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
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
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
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
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
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
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
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
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
