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Senior Managers and Certification Regime Extension

Consultation paper published


The UK Financial Conduct Authority (FCA) has published its long-awaited consultation paper on extending the senior managers and certification regime (SMCRE) to all authorised firms. A separate consultation paper has been published for insurers. The SMCRE will consist of a “core regime”, an “enhanced regime” and a “limited scope regime” to reflect the size, scale and complexity of the firms that will be subject to this regime. The consultation is open until 3 November 2017 and the final rules are expected to be published next year1.

The core regime

The senior managers regime The SMCRE will require FSMA-authorised firms (Firms) to allocate specific senior management roles and prescribed responsibilities (SMFs) to senior managers.

The consultation paper identifies a number of core SMFs that will apply to all Firms unless a specific exemption applies. The core SMFs include: (a) chief executive; (b) executive director; (c) partner; (d) non-executive chair; (e) chief compliance officer; and (f) MLRO. This will mean that some non-executive directors (NEDs) that are currently registered with the FCA as approved persons will no longer need to be registered.

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About The Hedge Fund Journal

Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.