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 of solo regulated firms:
- benchmark administrators. These firms have until the end of 2019 to become FCA authorised and as such the SM&CR will commence on 7 December 2020 to allow the FCA to carry out a dedicated consultation for benchmark administrators before making final rules for the sector; and
- claims management companies (CMCs). Not all CMCs will have gained full FCA authorisation by 9 December this year, so the Regulations confirm that the SM&CR begins for these firms on 9 December this year, or at the date at which they receive full FCA authorisation if this is later.
The Regulations will enter into force on 18 July 2019
