The U.K. Financial Conduct Authority and Prudential Regulation Authority have published joint guidance for dual-regulated firms on adherence to the Senior Managers and Certification Regime in light of COVID-19. The U.K. regulators intend to be flexible in enforcing SM&CR requirements given the disruption to personnel and operations triggered by the pandemic. The FCA has issued separate guidance for solo-regulated firms subject to the SM&CR.
The guidance for dual-regulated firms focuses in particular on the following aspects of the regime:
View the FCA and PRA's Guidance for dual-regulated firms on SM&CR under COVID-19.
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