August 4, 2020

Volume X, Number 217

August 03, 2020

Subscribe to Latest Legal News and Analysis

FCA Provides Updated Information on SM&CR Implementation

On September 11, the UK Financial Conduct Authority (FCA) published updated information on its website for FCA-regulated firms in connection with the extension of the senior managers and certification regime (SM&CR) to such firms on December 9.

With less than three months to go until the implementation date, the FCA’s updated webpage now includes checklists for FCA-regulated firms — in particular, the updated webpage includes the additional information that firms will need to collate and file with the FCA on Form K, which is the form that firms must submit to the FCA to notify the regulator regarding which approved persons should be converted to a senior management function (SMF) and who are not already FCA approved persons in a senior function (as such persons will automatically transition across to their new corresponding SMFs). The information is in the “Enhanced Firms” section. The form can be found in FCA Connect, under the “Approved Persons” tab.

FCA-regulated firms should note that Form K must be submitted to the FCA via FCA Connect by 11:59 p.m. (London time) on November 24. All SMFs for each firm will appear on the financial services register on December 9.

It is recommended that at some point on December 9, all FCA-regulated firms should check the register to ensure that the register shows the correct SMFs and to quickly amend any errors (via FCA Connect) thereafter.

The updated webpage is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume IX, Number 256


About this Author

Neil Robson, private equity fund managers counselor, Katten Law Firm, London

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...