STOP PRESS: The FCA, PRA and HM Treasury have announced significant reforms to the Senior Managers and Certification Regime (SM&CR), including final Phase 1 reforms and proposed Phase 2 legislative changes. This Practice Note is in the process of being updated to reflect those developments. In the meantime, see Practice Note: SM&CR—reform of the Senior Managers & Certification Regime. This Practice Note provides a detailed overview of the Certification Regime (CR) as it applies to firms defined by the Financial Conduct Authority (FCA) as SM&CR Banking Firms and SM&CR Insurance Firms, and firms classified by the Prudential Regulation authority (PRA) as Capital Requirement Regulation (CRR) Firms, non-CRR Firms, Solvency II (SII) Firms and non-SII Firms. For links to further practical guidance on the Senior Managers & Certification Regime (SM&CR), see: SM&CR and approved persons regime—overview. For information on the application of the CR to solo-regulated firms (eg to firms defined by the FCA as Enhanced Scope SM&CR Firms, Core SM&CR Firms, or Limited Scope SM&CR firms), see Practice Note: