Q&As

If a company, regulated by the Financial Conduct Authority has a number of global employees that work in the UK and are employed by the parent company, but the employees are to be transferred to a subsidiary company, are these employees subject to the Senior Managers and Certification Regime if they are employed by a UK regulated entity even though they are working for a non UK business and possibly/probably doing business outside the UK?

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Published on LexisPSL on 15/02/2019

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • If a company, regulated by the Financial Conduct Authority has a number of global employees that work in the UK and are employed by the parent company, but the employees are to be transferred to a subsidiary company, are these employees subject to the Senior Managers and Certification Regime if they are employed by a UK regulated entity even though they are working for a non UK business and possibly/probably doing business outside the UK?

There is no territorial limitation on the Senior Managers Regime. This means that it will apply to anyone who performs a senior manager role, whether they are based in the UK or overseas.

For UK firms, the Certification Regime is limited to people performing a Certification Function who are either based in the UK or, if based outside the UK, are dealing (ie have contact with) with UK clients.

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