The U.K. Financial Conduct Authority has announced its expectations for benchmark administrators and firms using Appointed Representatives that are subject to the Approved Persons Regime during COVID-19. The APR has been superseded by the Senior Managers and Certification Regime for most solo- and dual-regulated firms. However, as benchmark administrators were a new category of authorized firm, they were granted a one-year extension from the roll-out of the SM&CR and so remain subject to the APR until December 7, 2020, when the SM&CR for benchmark administrators that do not undertake other regulated activities will be implemented.
The FCA acknowledges that firms may require adjustments to the APR in light of complications arising from COVID-19, and has therefore set out the following expectations for benchmark administrators and Appointed Representatives:
View the FCA's statement on the APR for benchmark administrators.
View details of the FCA's extension of the SM&CR to benchmark administrators.
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