UK fund managers have longer to comply with rules that make individuals personally liable for compliance shortfalls.
The Senior Managers & Certification Regime was due to come into force in July. After a consultation by the UK watchdog, the Financial Conduct Authority, on how the rules can be applied proportionately to regulated firms, the move has been delayed to 2019. The Treasury will confirm the application date.
The FCA said the consultation will enable it to finalize the rules and their application to firms that will be brought into its scope, which include private fund managers.
The SM&CR, which currently applies to banks, states that if a firm breaches an FCA requirement the senior manager responsible for that area could be held accountable by the regulator if they did not take reasonable steps to avoid it.
In addition to producing documentation such as a statement of responsibilities for each senior manager, the SM&CR introduces a new regulatory referencing scheme that could change the way firms hire.
Moving the compliance deadline will ease the workload of UK firms that face a number of regulatory changes over the coming year, including the entry into force of the EU’s General Data Protection Regime in May, and the launch of compulsory FCA standardized fee reporting templates in July.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: