News & Analysis as of

SMCR

Allen & Overy LLP

UK Regulatory Academy: Monday 11-Friday 15 October 2021

Allen & Overy LLP on

Between Monday 11 and Friday 15 October our UK Financial Services Regulatory team will host a series of foundational training sessions across a variety of UK regulatory topics and themes. Please see full Publication below...more

Akin Gump Strauss Hauer & Feld LLP

Upper Tribunal Clarifies FCA’s Powers Regarding Non-Financial Misconduct by Regulated Individuals

Key Points - The Upper Tribunal has issued the first ruling in relation to the FCA’s decision to sanction an individual following a conviction for a criminal offence which did not involve dishonesty. The FCA had sought...more

WilmerHale

FCA Discussion Paper - Diversity, inclusion and its future impact on SMCR

WilmerHale on

During July the FCA made two announcements which demonstrate its continued focus on culture and diversity and their intersection with governance. In a Consultation Paper, it announced proposed changes to Listing Rules which...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

Proskauer Rose LLP

FCA Discussion Paper: Focus on Diversity and Inclusion

Proskauer Rose LLP on

The Financial Conduct Authority (“FCA”) has recently published a discussion paper concerning diversity and inclusion (“D&I”) in the financial sector. In the wake of recent European Union rules on sustainable financing (see...more

Hogan Lovells

Financial institutions general regulatory news, June 2021

Hogan Lovells on

SMCR: PRA PS11/21 and FCA Handbook Notice 88 on temporary, long-term absences - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS11/21, which confirms its final policy relating to temporary,...more

Morgan Lewis

UK Financial Conduct Authority Continues Focus on Diversity and Inclusion

Morgan Lewis on

The UK Financial Conduct Authority (FCA) has recently announced that it is considering adding a sixth question on diversity and inclusion (D&I) to its five conduct questions (5CQs). The significance of D&I has long been...more

Williams Mullen

Liability for Invalid State Agency Permit Decisions: Is the Regulated Party Left Holding the Bag?

Williams Mullen on

Regulated parties who comply with their permit sometimes get an unwelcome surprise. They meet with their state agency, make full disclosure about their discharges or emissions, and then the state agency makes decisions about...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

Allen & Overy LLP

Effective implementation of the SMCR

Allen & Overy LLP on

The Prudential Regulation Authority (“PRA”), in December 2020, published a report following an evaluation of whether the Senior Managers and Certification Regime (“SMCR”) is meeting its original aims. - The report includes...more

WilmerHale

The SMCR, five years on

WilmerHale on

Five years ago, on 7 March 2016, the Senior Managers and Certification Regime (SMCR) came into force. At first it applied only to dual-regulated banks, those which are regulated both by the FCA and PRA. Originally...more

Morgan Lewis

UK Financial Conduct Authority Makes Diversity and Inclusion a Regulatory Priority

Morgan Lewis on

The UK Financial Conduct Authority (FCA) has recently published two speeches reiterating the broad and fundamental importance of diversity and inclusion within financial services. ...more

Morgan Lewis

Preparing for Implementation of the Senior Managers and Certification Regime

Morgan Lewis on

All dual-regulated and FCA solo-regulated firms are now under the scope of the Senior Managers & Certification Regime (SMCR), with many working hard in recent months to ensure all aspects of the regime are well embedded. ...more

Hogan Lovells

Financial institutions general regulatory news, February 2021

Hogan Lovells on

UK SMCR forms: PRA PS1/21 - Following consultation, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS1/21, on updates to forms relating to the Senior Managers and Certification Regime (SMCR or...more

Thomson Reuters Regulatory Intelligence and...

Compliance Code Cracker –London Capital & Finance report, individual accountability and the FCA

Given the lack of regulatory action against senior managers by the Financial Conduct Authority (FCA), the analysis of individual accountability in the context of the Senior Managers and Certification Regime (SMCR) in the...more

Hogan Lovells

Financial institutions general regulatory news, January 2021

Hogan Lovells on

UK-EU trade and cooperation agreement After extensive negotiations, and within a week of the Brexit transition period ending on 31 - December 2020, the UK and the EU finally announced on 24 December 2020 that they had agreed...more

Latham & Watkins LLP

PRA Publishes Findings on Its Evaluation of the SMCR

Latham & Watkins LLP on

The PRA has released a largely positive report, along with nine follow-up actions and recommendations on the SMCR for PRA-regulated firms. Key Points: ..There is no need for major changes to the SMCR. ..There are...more

Mitratech Holdings, Inc

GRC 2021 Predictions: Being Fully Digital in a Hybrid World

Governance, Risk, and Compliance (GRC) teams started 2020 with a clear picture of what they were going to focus on. GRC initiatives that were firmly in play typically covered enhancing capabilities around accountability,...more

White & Case LLP

Corporate Governance Key Developments 2020

White & Case LLP on

This briefing is the second in our series of briefings on corporate governance and is designed to provide a synopsis of topical corporate governance matters impacting companies in the United Kingdom. This briefing tracks the...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

Bryan Cave Leighton Paisner

SMCR Update – What best practice looks like

The FCA has recently updated its Senior Managers and Certification Regime (“SMCR”) webpage for FCA solo-regulated firms. In particular, by reference to a list of positive/negative “indicators”, the FCA has set out further...more

Hogan Lovells

Financial institutions general regulatory news, September 2020

Hogan Lovells on

SMCR extension: SI extending implementation date made - The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020 (SI 2020/929) have been made....more

Latham & Watkins LLP

SMCR: FCA Updates Expectations on Fitness and Propriety Assessments and Conduct Rules Training

Latham & Watkins LLP on

The FCA has provided updated guidance on the SMCR for solo-regulated firms, with new information on good and bad practices in two key areas. On 14 August 2020, the FCA updated its webpage on the Senior Managers and...more

Hogan Lovells

Financial institutions general regulatory news, July 2020 #3

Hogan Lovells on

Draft Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 - HM Treasury has published draft Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, together with a draft...more

Hogan Lovells

Financial institutions general regulatory news, July 2020

Hogan Lovells on

Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, and more. ...more

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