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Heads on the Block – FCA Consults on Extension of Senior Managers Regime

  Introduction On 26 June 2017, the FCA published its consultation paper, “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms”.  The deadline for responses is 3 November 2017. In future, if they are to sleep easily, all Senior Managers will have to be able to prove that they have taken […]

Senior Managers Regime: Lawyers Breathe Easier as FCA Clarifies Scope, Sort Of…

Good news for all General Counsels – or at least a stay of execution.  On 27 January 2016, the Financial Conduct Authority (FCA) published a statement clarifying its intentions with respect to individuals having overall responsibility for a legal function under the Senior Managers Regime (SMR). Since the publication of its final rules in July […]

Changes to Senior Managers’ Regime Published

On 15 October 2015, the Bank of England and Financial Services Bill 2015-2016 was published. Of most note is Part 2 of the Bill, which amends the Financial Services and Markets Act 2000 (FSMA), extending the Senior Managers regime to all firms which are authorised to provide financial services under FSMA. Section 22 of the Bill […]

Senior Managers Breathe Sigh of Relief Over Burden of Proof

Guilty until proven innocent?  Not any more it seems… The FT is reporting that the ‘reverse burden of proof’ rule which forms a key plank of the Senior Managers’ Regime – and which holds executives liable unless they can prove that they took reasonable steps to prevent a regulatory breach from occurring or continuing – […]

FICC: no one reg to rule them all, but a Board?

On 10 June 2015, the Fair and Effective Markets Review (“FEMR”) published its Final Report on the Fixed Income, Currency and Commodities (“FICC”) markets. The Review was launched in June 2014 to cover the following areas: ·         Trading practices ·         Scope of regulation ·         Impact of recent and forthcoming regulation ·         Supervision As an interim […]

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