Time remaining for SMCR compliance deadline for solo-regulated firms:
The Senior Managers and Certification Regime (SMCR) replaced the Approved Persons Regime for all FCA registered firms on 9 December 2019.
It marks a significant shift in the way that the UK regulators supervise and monitor the activities of individuals that work in the financial services sector.
Our offering is created by compliance experts who advise firms on their regulatory obligations on a daily basis, so we are best placed to understand the regulatory needs of firms and how SMCR impacts them.
We have created our toolkits and CPD accredited online training courses to ensure that implementation can be carried out swiftly and effectively, while making sure that it is appropriate depending on a firm's classification.
If you are unsure what category your firm is please contact us or use our helpful diagram from the FCA
Relevant for individuals that have been identified as being a senior manager under SMCR, including senior managers that are also performing a certification function. This course is inclusive of Conduct Rules.
SMCR – also known as SM&CR - refers to the Senior Managers and Certification Regime.
SMCR represents a significant shift in the way that the UK regulators supervise and monitor the activities of individuals that work in the financial services sector and/or conduct financial services related activities.
In particular, the UK regulators have an ambition to improve ‘cultural behaviour’ at regulated firms and SMCR is a key component in this. SMCR affects almost everyone that works within financial services.
The SMCR is part of the UK regulators' drive to improve culture, governance and accountability within financial services firms. It aims to deter misconduct by improving individual accountability and awareness of conduct issues across firms.
SMCR applies to a majority of individuals that work in the UK financial services industry, or work for a firm providing financial services, including some individuals that are based overseas.
Under the SMCR, "senior managers" are individuals who perform one of the senior management functions designated by the FCA. Senior Managers are subject to a number of obligations and need to be approved by the FCA and/or the PRA to carry out their senior management function(s).
The SMCR's overarching aim is to reduce harm to consumers and to strengthen market integrity. This is achieved by raising the standards of conduct for everyone who works in financial services, and by making senior people in firms more responsible and accountable for their conduct, actions and competence.
Keep up to date with the latest regulatory news in the UK and US
Our Q2, 2020 Quarterly Newsletter is part of a series that provides a regular update of key regulatory issues affecting the UK/EU and the USA, to help you connect the dots.
The SEC has recently issued a Risk Alert highlighting Observations from Examinations of Investment Advisers Managing Private Funds. This Risk Alert provides an overview of certain compliance issues observed by the Office of Compliance Inspections and Examinations (“OCIE”) in examinations of registered investment advisers that manage private equity funds or hedge funds (collectively, “private fund advisers”).