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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