Featured Product

    FCA to Extend SM&CR Deadline for Solo-Regulated Firms

    September 02, 2020

    Following a request from FCA, HM Treasury issued the statutory instrument to delay, from December 09, 2020 to March 31, 2021, the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons. In line with this development, FCA consulted to change this date in the FCA Handbook. FCA is now working to finalize its proposals and intends to publish final rules and responses to feedback in a policy statement in October 2020. FCA still plans to publish details of certified employees of solo firms starting from December 09, 2020 on the Financial Services Register. In case firms are able to provide this information before March 2021, FCA encourages them to do so.

    To ensure that the Senior Managers and Certification Regime (SM&CR) deadlines remain consistent and to provide extra time for firms that need it, FCA intends to consult on extending the deadline for the following requirements:

    • Date the conduct rules come into force
    • Deadline for submission of information about Directory Persons to the Financial Services Register
    • References, in its rules, to the deadline for assessing Certified Persons as fit and proper (which has been agreed by the Treasury) 

    FCA received predominantly positive feedback to the corresponding changes recommended in the consultation. To give regulated firms certainty, FCA intends to consult alongside parliamentary process, to allow it to finalize its policy as soon as possible. Firms should continue with their programs of work in these areas and, if they are able to certify staff earlier than March 2021, they should do so. Firms should not wait to remove staff who are not fit and proper from certified roles. The Certification Regime and reporting of Directory Persons do not apply to benchmark administrators, so FCA does not intend to move the deadline for benchmark administrators. Benchmark administrators have until December 2021 to train non-Senior Manager staff in the Conduct Rules. 

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Solo Regulated Firms, SM&CR, Operational Risk, HM Treasury, FCA

    Related Articles
    News

    EBA Sets Out Work Priorities and Deliverables for 2021

    EBA published its annual work program for 2021. The work program describes the activities and deliverables for the coming year in the context of the six key strategic areas of work.

    September 30, 2020 WebPage Regulatory News
    News

    PRA Proposes to Amend SS11/13 on Internal Ratings-Based Approaches

    PRA is proposing, via the consultation paper CP14/20, to introduce two complementary expectations on the level of mortgage risk-weights in UK for banks applying the internal ratings-based approaches.

    September 30, 2020 WebPage Regulatory News
    News

    ECB Confirms Compliance of €STR with Financial Benchmark Principles

    ECB published its statement of compliance with the IOSCO principles for financial benchmarks developed by IOSCO.

    September 30, 2020 WebPage Regulatory News
    News

    OSFI Updates Timelines for Implementation of IFRS 17

    OSFI updated the timelines for implementation of IFRS 17 on insurance contracts.

    September 30, 2020 WebPage Regulatory News
    News

    IFRS Consults on Global Approach to Sustainability Reporting

    IFRS launched a consultation to assess the demand for global sustainability standards.

    September 30, 2020 WebPage Regulatory News
    News

    EIOPA Sets Out Work Priorities for 2021-2023

    EIOPA has set out the work priorities for 2021-2023, taking into account the current market situation in light of the COVID-19 pandemic.

    September 30, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Three Interim Final Rules Issued Amid Pandemic

    US Agencies (FDIC, FED, and OCC) finalized three interim final rules that were published in March and April this year to ease the impact of disruptions caused by the COVID-19 pandemic.

    September 30, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Interim Final Rules Issued Amid Pandemic

    US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.

    September 29, 2020 WebPage Regulatory News
    News

    APRA Proposes to Increase Transparency of Banking Data

    APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.

    September 29, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Use of Risk Mitigation Techniques Under Solvency II

    EIOPA is consulting on a supervisory statement on the use of risk mitigation techniques by insurance and reinsurance undertakings.

    September 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5873