29 Aug 2017

Senior Managers Regime

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Final rules for the extension of the Senior Managers & Certification Regime (SMCR) to the asset management industry together with other regulated sectors not already subject to the regime, are expected to come out in early 2018. The FCA's current consultation on the proposed new regime (available  here) provides a guide as to how the regime will likely apply to the asset management industry post-implementation.

The original SMCR, which applies to banks, PRA-designated investment firms, came into force on 7 March 2016.  The related rules on regulatory references came into force on 7 March 2017. The proposed regime, as it will apply to asset managers, whilst largely predicated on the current SMCR regime has been modified to take into consideration the different nature of the regulated entities not already caught by the regime. This overview looks at the UK’s current proposals to extend the senior managers regime to the asset management industry and considers how asset managers can begin to prepare for the new regime pending final rules from the FCA.

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KEY CONTACT

Alex Haynes

Alex Haynes
Partner

T:  +44 20 7809 2003 M:  +44 7825 312 770 Email Alex | Vcard Office:  London

William Saunders

William Saunders
Head of funds and financial services

T:  +44 20 7809 2138 M:  +44 7770 721 429 Email William | Vcard Office:  London

Richard Small

Richard Small
Partner

T:  +44 20 7809 2424 M:  +44 7525 896 736 Email Richard | Vcard Office:  London

James Tinworth

James Tinworth
Partner

T:  +44 20 7809 2082 M:  +44 7780 483 175 Email James | Vcard Office:  London