The following Corporate Crime practice note Produced in partnership with Michael Potts of Byrne and Partners LLP provides comprehensive and up to date legal information covering:
The Senior Managers and Certification Regime (SM&CR) is a comprehensive suite of legislation, regulation and conduct rules that is being progressively introduced and extended to financial institutions in the UK. For an introduction to the SM&CR, see Practice Note: SM&CR—one minute guide.
Further information on the background to, and the key principles of, the SM&CR can be found in Practice Notes:
SM&CR—essentials for banks and PRA-designated investment firms
SM&CR—policy development and key dates
Conduct Rules for SM&CR Firms
The SM&CR was driven by both the Independent Commission on Banking (ICB) and the Parliamentary Commission on Banking Standards (PCBS) established in the wake of the LIBOR scandal. For a more detailed analysis of the LIBOR scandal and enforcement action which has resulted, see Practice Notes: LIBOR and enforcement action and Conspiracy to defraud, and News Analysis: Libor manipulation and defining dishonesty.
The PCBS report entitled, ‘Changing Banking for Good’ made various recommendations to address:
‘the profound loss of trust born of profound lapses in banking standards’.
It proposed the creation of the SM&CR which would ensure that the key responsibilities within banks would be assigned to specific individuals and the establishment of a criminal offence applying to ‘Senior Persons’ carrying out their responsibilities in a reckless manner.
Part 4 of the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) implements the SM&CR and amends Part 5
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