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

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    News

    OSFI Consults on Instruction Guide for Termination of Pension Plan

    OSFI is consulting on draft revisions to the instruction guide for termination of a defined benefit pension plan.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4526