The FCA has published a Consultation Paper that sets out proposed rules for the SMCR for benchmark administrators.
Key Points:
..The SMCR for benchmark administrators (that perform no other regulated activities) will apply from 7 December 2020.
..Benchmark administrators will be subject to the Senior Managers Regime and the Conduct Rules, but not the Certification Regime.
..Benchmark administrators will automatically be subject to the “Core” regime, but may move to the “Limited Scope” or “Enhanced” regimes.
Please see full publication below for more information.
