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SMCR, Uncategorized

Senior Managers Regime to be extended

The UK’s Financial Conduct Authority has announced a plan to extend the existing Senior Managers and Certification Regime to more firms, and also to extend the rules within the regulation. The rules will now apply to most firms who are under financial regulation. The rules themselves will be extended in three categories:

  1. Conduct rules – Five core conduct rules will govern those under the regime. These span: integrity, acting with due care, skill and diligence, openness  and cooperation with regulators, paying due regard to customer interests , and observing proper standards of market conduct.
  2. Responsibility and accountability – of Senior Managers is clearly set out.
  3. Certification of all relevant personnel – those who are not deemed Senior Managers, but whose jobs significantly impact customers, will require annual certification.

The announcement can be found here. A consultation on the new rules has now commended and will close in November 2017. It can be found here.  The rules will also apply to certain energy and commodity market participants who are either currently under the financial regulation of the FCA , or who will become so due to MiFID II.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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