News & Analysis as of

Senior Management Regime (SMR)

A&O Shearman

UK FCA Financial Crime Guide consultation: more obligations, or old news?

A&O Shearman on

As financial crime compliance pressures grow, the UK Financial Conduct Authority (FCA) continues to emphasise the significance of its Financial Crime Guide (FCG) as part of the overarching regulatory framework for financial...more

A&O Shearman

Embedding sustainability in practice – how companies will need to adapt to successfully address sustainability-related regulation

A&O Shearman on

Financing the transition to Net Zero will necessitate fundamental changes to the businesses are managed. Here we take a look at practical steps senior leaders can take to address the challenges they face....more

Stikeman Elliott LLP

Board Composition: Gender Diversity and Beyond

Stikeman Elliott LLP on

The Canadian Securities Administrators (“CSA”) have released their annual review of disclosure regarding women on boards and in executive officer positions at Toronto Stock Exchange-listed issuers, showing positive trends in...more

A&O Shearman

D&I in FS: new rules and guidance on non-financial misconduct

A&O Shearman on

The FCA is focused on reducing non-financial misconduct to enhance the reputation of the UK financial services sector. Spurred on by positive levels of engagement with its 2021 discussion paper, the FCA’s latest consultation...more

Hogan Lovells

UK SMCR: HMT Call for Evidence and FCA/PRA Discussion Paper

Hogan Lovells on

On 30 March 2023, the FCA and PRA published a joint discussion paper which seeks views on the operational aspects of the Senior Managers and Certification Regime. Alongside this, HM Treasury also published a Call for Evidence...more

A&O Shearman

What UK readers couldn’t get enough of in 2022 - the top five blog posts revealed

A&O Shearman on

2022 saw a big shift in the geo-political climate and a bedding in of the new hybrid working world. These two developments are reflected in the blogs our subscribers were most interested in reading. Readers remain focused on...more

Akin Gump Strauss Hauer & Feld LLP

FCA Clarifies Its Position on 'Significant SYSC Firm' Dilemma

The FCA announced earlier yesterday that it will consult on amending the definition of 'Significant SYSC Firm' to ensure that no firms will be subject to the enhanced rules of the Senior Managers and Certification Regime...more

Hogan Lovells

SMCR for Financial Market Infrastructures: HM Treasury Consultation

Hogan Lovells on

HM Treasury has launched a consultation on creating a Senior Managers and Certification Regime (SMCR) for financial market infrastructures (FMIs) supervised by the Bank of England (BoE). ...more

BCLP

UK regulators and Bank of England to pool considerable powers and resources to advance D&I

BCLP on

Yesterday’s joint Discussion Paper (DP21/2) published by the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA, together “the regulators”) on “Diversity and inclusion in the financial...more

BCLP

FCA proposes new Consumer Duty - TCF with bigger teeth?

BCLP on

On 14 May 2021, the FCA published Consultation Paper CP21/13 outlining much-anticipated proposals relating to the standards expected of regulated firms to ensure the protection of retail consumers. The Consultation Paper...more

Hogan Lovells

SMCR Directory of certified and assessed persons – have you submitted your data?

Hogan Lovells on

The Financial Conduct Authority (FCA) is contacting thousands of firms across various sectors that appear to have missed the 31 March 2021 deadline for submitting “Directory person” data. ...more

Latham & Watkins LLP

Second FCA Consultation on New Prudential Regime for Investment Firms

Latham & Watkins LLP on

Latest FCA consultation focuses on remuneration, risk management and governance, and liquidity requirements. Key Points: The consultation: ..Sets out the FCA’s proposals for the new remuneration rules for FCA...more

BCLP

UK Insurers Should Begin to Comply with New PRA Mandatory Contractual Requirements for Material Outsourcings

BCLP on

The PRA’s supervisory statement on outsourcing arrangements and managing third party risk requires insurers to take action now, to ensure that outsourcing agreements which are currently being negotiated comply with the new...more

Morgan Lewis

SMCR: Full Implementation for Solo-Regulated Firms Delayed to 31 March 2021

Morgan Lewis on

The UK Financial Conduct Authority recently published Policy Statement 20/12, which sets out the final rules on the extension of the Senior Managers and Certification Regime implementation deadlines for the certification...more

Morgan Lewis

FCA Releases Guidance to Assist Solo-Regulated Firms in Fitness and Propriety Assessments, Staff Training

Morgan Lewis on

The UK Financial Conduct Authority recently closed its consultation (CP20/10) to extend the deadline for solo-regulated firms to conduct their first fitness and propriety assessments of certified staff and train all staff on...more

Akin Gump Strauss Hauer & Feld LLP

Extension of the Senior Manager and Certificate Regime Implementation Periods for Solo-Regulated Firms to March 2021

On 30 June 2020, the Financial Conduct Authority (FCA) announced proposals designed to provide breathing room to solo-regulated firms (meaning those governed solely by the FCA) in respect of the implementation of certain...more

Proskauer Rose LLP

SMCR – Top Priorities for 2020/21

Proskauer Rose LLP on

Originally published on February 24, 2020. Updated as of July 1, 2020. The UK senior managers and certification regime ("SMCR") overhauled the accountability regime for individuals working in UK financial services firms...more

Hogan Lovells

SMCR: UK FCA extends implementation periods for solo-regulated firms

Hogan Lovells on

The UK Financial Conduct Authority (FCA) has extended the deadline for solo-regulated firms to undertake their first assessment of the fitness and propriety of their certified persons under the senior managers and...more

Latham & Watkins LLP

Senior Manager Responsibilities in the Ongoing COVID-19 Situation

Latham & Watkins LLP on

Following the large-scale changes and challenges faced by firms during the initial phase of COVID-19, firms are beginning to consider what their operating model will be in the next phase and over the longer-term. For...more

Latham & Watkins LLP

FCA and PRA Statement on SM&CR and COVID-19: Expectations of Dual-Regulated Firms

Latham & Watkins LLP on

UK Regulators announce new measures after acknowledging firms affected by COVID-19 will need to keep their governance arrangements under review. On 3 April 2020, the FCA and the PRA released a statement announcing several...more

Morgan Lewis

SM&CR and COVID-19: UK Regulators’ Expectations

Morgan Lewis on

The UK Financial Conduct Authority and Prudential Regulation Authority have published statements setting out their expectations of dual-regulated and solo-regulated firms on their senior managers and certification regime...more

A&O Shearman

UK Regulator Outlines Priorities for Supervising Benchmark Administrators

A&O Shearman on

The U.K. Financial Conduct Authority has written to the CEOs of benchmark administrators that it supervises. In the letter, the FCA sets out its supervisory strategy as well as the potential harms that benchmark...more

A&O Shearman

UK Conduct Regulator Publishes Consultation on Extension of Senior Managers Regime to Benchmark Administrators

A&O Shearman on

The U.K. Financial Conduct Authority has published a consultation paper seeking feedback on its proposals for the extension of the Senior Managers’ Regime to benchmark administrators. The FCA’s SMR was originally implemented...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on CFTC Approves Final and Proposed Rules on Rulemaking and Capital...

BROKER-DEALER - SEC Issues Guidance on Substituted Compliance Applications by Non-US Security-Based Swap Dealers and Major Security-Based Swap Participants - On November 25, the Securities and Exchange Commission’s...more

Latham & Watkins LLP

FCA Consults on SMCR for Benchmark Administrators

Latham & Watkins LLP on

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...more

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