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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Produced in partnership with Morrison & Foerster LLP 12th Jan
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
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
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
The role of the FCAThe Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a...
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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
This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the...
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9th Nov
Practice notes
On 10 June 2015, the Fair and Effective Markets Review (FEMR) published its final report. Running to 106 pages, the report covers a wide range of...
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9th Nov
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
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
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 >
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
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
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
This Practice Note provides an overview of the transaction reporting requirements that existed under the Markets in Financial Instruments Directive...
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9th Nov
Practice notes
This Solvency II quick guide details current UK legislation and retained EU legislation in relation to prudential insurance requirements that will be...
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9th Nov

Most recent SM&CR and approved persons regime content

Practice notes
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have issued statements setting out their approach to the Senior...
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19th Jan
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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17th Jan
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 >
17th Jan
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 >
17th Jan
Practice notes
BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this Practice Note. For more...
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17th Jan
Practice notes
Banks, building societies, credit unions, PRA-regulated investment firms and insurers are required to file a Statement of Responsibilities (SOR) with...
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17th Jan
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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17th Jan
Practice notes
General role and responsibility of a non-executive director (NED)For information about the roles and responsibilities of NEDs, see Practice Note:...
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17th Jan
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 16th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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Produced in partnership with Gillian Maclellan, Partner of CMS 15th Jan
Practice notes
Introduction to the senior managers regimeThe Senior Managers and Certification Regime (SM&CR) is a comprehensive suite of legislation, regulation and...
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Produced in partnership with Michael Potts of Byrne and Partners LLP 15th Jan
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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Produced in partnership with Lucy Kerr of RPC and Jonathan Cary 15th Jan
Practice notes
In June 2013, the Parliamentary Commission for Banking Standards (PCBS) published its report Changing Banking for Good, which set out a number of...
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12th Jan
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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11th Jan
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 8th Jan
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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Produced in partnership with John Drabble of Kemp Little LLP 8th Jan
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 8th Jan
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 >
Produced in partnership with Mark Compton and Lauren Smith of Mayer Brown International LLP 8th Jan
Q&As
As set out in Practice Note: SM&CR—essentials for banks and PRA-designated investment firms, the Financial Conduct Authority (FCA) and Prudential...
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6th Jan
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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6th Jan

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