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.
FED proposed three-year extension, without revision, of the information collection FR 4202, titled "Recordkeeping Provisions Associated with Stress Testing Guidance."
FCA updated the draft guidance for firms to ensure that mortgage customers whose homes may be repossessed are treated fairly and appropriately, particularly where there are risks of harm to customers who are vulnerable as a result of the COVID-19 pandemic.
FCA issued a statement on the cessation or loss of representativeness of the 35 LIBOR benchmark settings published by ICE Benchmark Administration or IBA.
EBA published a package that includes the final draft implementing technical standards on supervisory reporting and disclosures of investment firms.
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.