Featured Product

    FCA Issues Guidance on SoRs and Responsibilities Map Under SM&CR

    March 08, 2019

    FCA published the final guidance (FG19/2), under Senior Managers and Certification Regime (SM&CR), to provide practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities (SoRs) and Responsibilities Maps. FCA also published summary of feedback received on the proposed guidance and has revised the proposed guidance following the feedback received. The consultation took place from October to December 2018.

    FG19/2 is developed for FCA solo-regulated firms, subject to the SM&CR. FG19/2 aims to help all FCA firms clearly set out Senior Managers’ responsibilities through SoRs. Enhanced firms will also be able to use it to produce Responsibilities Maps, which show how their firm is managed and governed. The guidance builds on the information published in the SM&CR Guide for solo-regulated firms.

    The guidance may also be of interest to the firms that are regulated by PRA (in addition to FCA) and are subject to the SM&CR. This is a general guidance, as defined in section 139B (5) of Financial Services and Markets Act, and is not binding. The guidance should be applied in a risk-based and proportionate way. This includes considering the size, nature, and complexity of the firm when deciding whether a certain example of good or poor practice is appropriate to its business.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, SM&CR, Responsibilities Map, FG19/2, Statement of Responsibilities, FCA

    Related Articles
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    PRA Statement on Application of Matching Adjustment Amid Crisis

    PRA published a statement to insurers that clarifies the approach to application of the matching adjustment during COVID-19 crisis.

    July 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Certain COVID-19 Policies

    EBA published a report on the implementation of selected COVID-19 policies within the prudential framework for banking sector.

    July 07, 2020 WebPage Regulatory News
    News

    EC Consults on Revision of Network and Information Systems Directive

    EC launched a consultation to revise the network and information systems (NIS) Directive (2016/1148), which was adopted in July 2016 and is the first horizontal internal market instrument aimed at improving the resilience of the EU against cybersecurity risks.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Statement on LIBOR Transition and PRA Resolution-Related Rules

    PRA published a statement that outlines its view on the implications of LIBOR transition for contracts in scope of the “Contractual Recognition of Bail-In” and “Stay in Resolution” parts of the PRA Rulebook.

    July 07, 2020 WebPage Regulatory News
    News

    PRA Issues Updates to Pillar 2A Capital Framework in UK

    PRA published the policy statement PS15/20 to reflect additional resilience associated with higher macro-prudential buffers in a standard risk environment with a reduction in Pillar 2A capital requirements.

    July 06, 2020 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    BCBS published the eighteenth progress report on implementation of the Basel III regulatory framework in member jurisdictions.

    July 06, 2020 WebPage Regulatory News
    News

    FCA Proposes Guidance to Further Support Consumer Credit Customers

    FCA announced proposals that would provide continued support for certain consumer credit products to users, who are facing a financial impact because of the exceptional circumstances arising from the COVID-19 pandemic.

    July 03, 2020 WebPage Regulatory News
    News

    ACPR Publishes Draft of Taxonomy RAN 1.4.0 for Solvency II Reporting

    ACPR published a draft version of taxonomy RAN 1.4.0_PWD1, along with the related documentation, for Solvency II reporting.

    July 03, 2020 WebPage Regulatory News
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5445