News & Analysis as of

United Kingdom Senior Managers SMCR

Akin Gump Strauss Hauer & Feld LLP

July – August Regulatory Round-Up

HM Treasury issued a consultation on 15 July 2025, “Regulatory Environment Pillar – Cross‑Cutting Issues,” which complements the Financial Services Growth and Competitiveness Strategy, addressing systemic improvements to the...more

Morgan Lewis

UK Regulatory Changes on the Horizon? FCA, PRA, Treasury Launch Review of SMCR

Morgan Lewis on

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a discussion paper on 30 March 2023 seeking opinions on the Senior Managers and Certification Regime (SMCR). Concurrently, the UK...more

A&O Shearman

The Senior Managers and Certification Regime

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Helping to prepare FMIs, payment and e-money firms for proposed implementation...more

A&O Shearman

UK Regulatory Academy: Monday 11-Friday 15 October 2021

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Between Monday 11 and Friday 15 October our UK Financial Services Regulatory team will host a series of foundational training sessions across a variety of UK regulatory topics and themes. ...more

Hogan Lovells

SMCR Directory of certified and assessed persons – have you submitted your data?

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The Financial Conduct Authority (FCA) is contacting thousands of firms across various sectors that appear to have missed the 31 March 2021 deadline for submitting “Directory person” data. ...more

Morgan Lewis

SMCR: Full Implementation for Solo-Regulated Firms Delayed to 31 March 2021

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The UK Financial Conduct Authority recently published Policy Statement 20/12, which sets out the final rules on the extension of the Senior Managers and Certification Regime implementation deadlines for the certification...more

BCLP

SMCR Update – What best practice looks like

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The FCA has recently updated its Senior Managers and Certification Regime (“SMCR”) webpage for FCA solo-regulated firms. In particular, by reference to a list of positive/negative “indicators”, the FCA has set out further...more

Akin Gump Strauss Hauer & Feld LLP

Extension of the Senior Manager and Certificate Regime Implementation Periods for Solo-Regulated Firms to March 2021

On 30 June 2020, the Financial Conduct Authority (FCA) announced proposals designed to provide breathing room to solo-regulated firms (meaning those governed solely by the FCA) in respect of the implementation of certain...more

Hogan Lovells

SMCR: UK FCA extends implementation periods for solo-regulated firms

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The UK Financial Conduct Authority (FCA) has extended the deadline for solo-regulated firms to undertake their first assessment of the fitness and propriety of their certified persons under the senior managers and...more

Troutman Pepper Locke

Senior Managers and Certification Regime (SMCR) and the Coronavirus (COVID-19) – FCA’s Expectations of Solo-Regulated Firms

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The Financial Conduct Authority (FCA) has now set out their expectations to help solo-regulated firms apply the SMCR in relation to the COVID-19 crisis. They say that they do not require firms to have a single Senior...more

Hogan Lovells

Financial institutions general regulatory news, April 2020 #2

Hogan Lovells on

COVID-19: PRA and FCA statement on SMCR expectations of dual-regulated firms - On 3 April 2020, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint statement on their...more

Latham & Watkins LLP

FCA Consults on SMCR for Benchmark Administrators

Latham & Watkins LLP on

The FCA has published a Consultation Paper that sets out proposed rules for the SMCR for benchmark administrators. Key Points: ..The SMCR for benchmark administrators (that perform no other regulated activities) will...more

Morrison & Foerster LLP

SM&CR for Solo-Regulated Firms: Are You Ready?

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The UK regulatory Senior Managers and Certification Regime (SM&CR) came into force in March 2016 to replace the UK Financial Conduct Authority (FCA) Approved Persons Regime (APR) for firms that are subject to dual regulation...more

Proskauer Rose LLP

Senior Managers and Certification Regime - Extension to All FCA Authorised Firms is Coming

Proskauer Rose LLP on

On 9th December 2019, the Senior Managers and Certification Regime (SMCR) will replace the current Financial Conduct Authority (FCA) Approved Person Regime for practically all FCA authorised firms, including alternative...more

A&O Shearman

Banking Standards Board Publishes Good Practice Guidance on Regulatory References

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The Banking Standards Board has published a statement of good practice for firms when providing and requesting regulatory references in accordance with the Senior Managers and Certification Regime. The SM&CR for banks and...more

Morgan Lewis

UK Financial Conduct Authority Publishes Final Rules on Extending SMCR to Solo Regulated Firms

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Following its consultation earlier this year, the UK Financial Conduct Authority has now published a policy statement setting out its final rules for extending the Senior Managers and Certification Regime to solo-regulated...more

A&O Shearman

UK Conduct Regulator Concludes No Changes Needed to Banking Senior Managers Regime

A&O Shearman on

The U.K. Financial Conduct Authority has published the findings of its review into the implementation of the Senior Managers and Certification Regime for the banking sector. The SM&CR came into force for banking firms in...more

Latham & Watkins LLP

FCA Warns of ‘Significant Weaknesses’ in Firms’ Implementation of the Conduct Rules

Latham & Watkins LLP on

All firms should take note of the FCA’s latest feedback on SMCR implementation. In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the...more

Latham & Watkins LLP

FCA Confirms SMCR Optimisations

Latham & Watkins LLP on

The FCA has published final rules confirming amendments to the SMCR, and final rules for solo-regulated firms. Key Points: ..The FCA has confirmed that the Head of Legal does not require approval as a Senior Manager,...more

A&O Shearman

The UK’s Expanded Senior Managers and Certification Regime: Key Issues and Action Plan for Brokers, Advisers and Asset Managers

A&O Shearman on

The expanded Senior Managers and Certification Regime (SM&CR), which comes into force on December 9, 2019, extends the framework regulating individuals charged with running certain financial institutions. The Banking SM&CR,...more

Akin Gump Strauss Hauer & Feld LLP

Senior Managers and Certification Regime

The commencement date of 9 December 2019 for the extension of the Senior Managers and Certification Regime (SMCR) to solo-regulated firms is fast approaching. The SMCR will replace the existing Financial Conduct Authority...more

A&O Shearman

Marking three years of the UK’s Senior Managers and Certification Regime

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Last month, we were joined by over 200 clients for a seminar which marked the first three years of the UK’s Senior Managers and Certification Regime (SMCR) being in force. During the first three years of the SMCR being in...more

Morgan Lewis

FCA Issues Final Guidance on Key Issues Ahead of SMCR Extension

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The Financial Conduct Authority (FCA) has recently published its final guidance on statements of responsibilities, responsibilities maps, and its policy statement on the new FCA directory for financial services workers, ahead...more

BCLP

SMCR for FCA-solo regulated firms

BCLP on

The FCA recently released the latest in a long series of papers relating to the Senior Managers and Certification Regime (“SMCR”). FCA Consultation Paper CP19/4 sets-out new measures designed to “optimise” the SMCR ahead of...more

Hogan Lovells

The FCA consults on amendments to the SMCR: Excludes Head of Legal from the Senior Managers Regime and clarifies the scope of the...

Hogan Lovells on

On 23 January 2019, the Financial Conduct Authority (FCA) published a consultation paper (CP19/4) on optimising the Senior Managers and Certification Regime (SMCR). This paper consults on a range of proposed amendments and...more

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