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.
Keywords: Europe, UK, Solo Regulated Firms, SM&CR, Operational Risk, COVID-19, Conduct Rules, Certification Regime, Implementation Timeline, FCA
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).