Featured Product

    FCA Extends Implementation Deadline for Certification Regime

    October 28, 2020

    FCA published a policy statement (PS20/12) that sets out the final rules and summarizes the feedback received to the consultation on extending implementation deadlines for the Certification Regime and Conduct Rules. Following a request from FCA, the Treasury has made a statutory instrument to delay the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified staff from December 09, 2020 until March 31, 2021. FCA encourages all firms to meet the original deadline of December 09, 2020 wherever possible. However, solo-regulated firms (except benchmark administrators) must have fully implemented the Certification Regime and Conduct Rules and reported information on Directory Persons by March 31, 2021.

    In July 2020, FCA had consulted to change to the same date, the deadline for certification in FCA Handbook. FCA also consulted to give corresponding extensions to the deadline for training staff in the Conduct Rules and reporting Directory Person data. FCA had proposed to extend these deadlines to give firms significantly affected by COVID-19 crisis the time to fully and properly implement the Certification Regime and to train staff effectively in the Conduct Rules. PS20/12 confirms that FCA will extend the deadline for the following requirements correspondingly from December 09, 2020 to March 31, 2021, as consulted on:

    • Date the Conduct Rules come into force, for staff who are not senior managers, certification staff, or board directors
    • Date by which relevant employees must have received training on the Conduct Rules
    • Deadline for submission of information about Directory Persons to the Register
    • References in FCA rules to the statutory deadline for assessing certified persons as fit and proper following agreement with the Treasury 

    These changes affect all FCA solo-regulated firms authorized to provide financial services under the Financial Services and Markets Act 2000 and appointed representatives are in scope of the extension to the reporting deadline for Directory Persons. FCA will also extend the implementation deadlines for Claims Management Companies by an equivalent period. The feedback FCA received indicates that most firms will be able to meet the original deadline of December 09, 2020 and FCA encourages them to do so. 

     

    Related Links

    Keywords: Europe, UK, Solo Regulated Firms, SM&CR, Operational Risk, COVID-19, Conduct Rules, Certification Regime, Implementation Timeline, FCA

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582