SM&CR and approved persons regime

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Practice notes
Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...
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9th Nov
Practice notes
The debt sale and purchase market in the UKThe debt sale and purchase market has for some time been very active throughout the UK. It is an important...
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9th Nov
Practice notes
Authorisation of an authorised unit trust (AUT)What is an AUT?A unit trust is a type of collective investment scheme (CIS) in which the assets are...
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9th Nov
Practice notes
BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. To ensure...
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9th Nov
Practice notes
UCITS VIUCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th...
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Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP 12th Jan
Practice notes
Recognised investment exchangesA recognised investment exchange (RIE) is a UK recognised body under Part XVIII of the Financial Services and Markets...
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9th Nov
Practice notes
This Practice Note looks at key aspects of consumer protection within the UK financial services regulatory system. The UK’s regulatory structure,...
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9th Nov
Practice notes
The Basel Committee on Banking Supervision (BCBS), consisting of the central banks of governors of the so-called G10 countries (Belgium, Canada,...
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Produced in partnership with Morrison & Foerster LLP 12th Jan
Practice notes
This Practice Note looks at the regulated activity of accepting deposits (often referred to as deposit taking). Accepting deposits is a key hallmark...
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9th Nov
Practice notes
Chapter 4 of the Financial Conduct Authority's (FCA) Conduct of Business sourcebook (COBS 4) contains the conduct of business requirements for...
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9th Nov
Practice notes
Brexit; As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...
Read More >
Produced in partnership with Morrison & Foerster LLP 12th Jan
Practice notes
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...
Read More >
Produced in partnership with Ms Elizabeth Budd of Pinsent Masons 12th Jan
Practice notes
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its...
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Produced in partnership with DLA Piper 12th Jan
Practice notes
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to...
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9th Nov
Practice notes
BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further...
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9th Nov
Practice notes
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive...
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9th Nov

Most recent SM&CR and approved persons regime content

Practice notes
Regulatory action against Senior ManagersLexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all...
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Produced in partnership with Lucy Kerr of RPC and Jonathan Cary 14th May
Practice notes
Coronavirus (COVID-19): For further information on the joint statements issued by the Financial Conduct Authority (FCA) and the Prudential Regulation...
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Produced in partnership with Gillian Maclellan, Partner of CMS 11th May
Practice notes
IntroductionUnder the Senior Managers and Certification Regime (SM&CR), the FCA committed to expanding the Financial Services Register (FS Register)...
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29th Apr
Practice notes
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
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29th Apr
Practice notes
The Senior Managers Regime and Certification Regime—what is it?The Senior Managers, Certification Regime (SM&CR) and Conduct Rules for individuals in...
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29th Apr
Practice notes
The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) are the UK regulators’ framework for regulating individuals...
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29th Apr
Precedents
[Insert addressee details]Dear [insert name][It is our understanding that [insert name of prospective employee] [was an employee of yours between the...
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Produced in partnership with Simon Morris, Partner and Gillian MacLellan, Partner of CMS 27th Apr
Practice notes
The Senior Managers & Certification Regime (SM&CR) is the Financial Conduct Authority’s (FCA) and Prudential Regulation Authority’s (PRA) framework...
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Produced in partnership with John Drabble of Kemp Little LLP 26th Apr
Precedents
1Introduction1.1The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) (together the ‘Regulators’) have implemented rules...
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Produced in partnership with Simon Morris, Partner and Gillian MacLellan, Partner of CMS 26th Apr
Practice notes
IntroductionThe Financial Conduct Authority (FCA) took over regulation of the claims management sector from the Claims Management Regulator (CMR) on 1...
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26th Apr
Practice notes
On 9 December 2019 (Commencement), the Senior Managers and Certification Regime (SM&CR) was extended to firms authorised under the Financial Services...
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26th Apr
Practice notes
On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) in relation to UK banks, building...
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26th Apr
Practice notes
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
Read More >
26th Apr
Practice notes
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...
Read More >
26th Apr
Practice notes
Firm’s culture and governance remains a key cross-sector regulatory priority in 2020/21. By focusing on firm culture, on individual accountability and...
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26th Apr
Practice notes
The Certification Regime (CR) is one component of the broader Senior Managers & Certification Regime (SM&CR), the Financial Conduct Authority’s (FCA)...
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26th Apr
Practice notes
IntroductionOn 7 December 2020, the Senior Managers Regime (SMR) and Conduct Rules, key components of the Senior Managers and Certification Regime...
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26th Apr
Practice notes
On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for UK banks, building societies,...
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Produced in partnership with Carol-Ann Burton and Margarita Kato of Holman Fenwick Willan LLP and Dominic Pereira as research contributor 12th Apr

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