Firms Struggle with SM&CR Compliance and Preparations

As all FCA-regulated firms will fall into scope of the Senior Managers and Certification Regime by the end of the year, concerns emerge on how to implement the regulation.

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Many financial institutions, including UK-based asset managers and market structure firms—known in regulatory speak as solo-regulated firms—mandated to comply with the Senior Managers and Certification Regime (SM&CR) by December 9 have yet to fully implement or understand the rule, say industry experts.

As part of the regulators’ SM&CR, the chief operations senior management function 24 (SMF24) states that individuals in top-level roles—such as COOs and CTOs—will be held personally responsible

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