The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The Senior Managers and Certification Regime (SM&CR) and the Approved Persons Regime (APR) are the UK regulators’ framework for regulating individuals working in financial services. For most firms in the UK, the SM&CR has replaced the APR, however, for benchmark administrators that do not undertake any other regulated activities, and for appointed representatives, the APR framework, set out in FSMA 2000, Part V, continues to apply. In December 2020, the Senior Managers Regime and the Conduct Rules will replace the APR in relation to benchmark administrators, however, the APR will continue to apply to appointed representatives.
Regulatory approval is required for any individual who performs one or more activities, called ‘controlled functions’, for an authorised firm. Controlled functions are functions that relate to carrying out regulated activities. Examples include customer functions, being a director of a regulated firms, overseeing the firm’s systems and controls, and being responsible for compliance with FCA rules. A person approved to perform a controlled function must know and meet the FCA’s regulatory requirements, as well as understand how the FCA applies them. This Practice Note considers those controlled functions relevant to firms which remain subject to the APR. The FCA has confirmed that it will continue to process applications for Controlled Functions under the APR for these firms.
The controlled functions referred to as Senior Management Functions that
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