Featured Product

    FCA Extends Implementation Deadline for Certification Regime

    October 28, 2020

    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. 


    Related Links

    Keywords: Europe, UK, Solo Regulated Firms, SM&CR, Operational Risk, COVID-19, Conduct Rules, Certification Regime, Implementation Timeline, FCA

    Related Articles

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8957