SMCR for Financial Services: Is Your UK Operation Ready?

Monday, October 7, 2019
05:00 PM - 06:00 PM British Summer Time
12:00 PM - 01:00 PM Eastern Daylight Time
09:00 AM - 10:00 AM Pacific Daylight Time

The PRA and FCA will extend the Senior Managers and Certification Regime (SMCR) to all regulated firms on 9 December 2019. What do global financial services firms with UK operations need to know and do to comply with the new regulatory regime and ensure that expected cultural objectives are met?

On 9 December 2019, the UK’s SMCR will be extended to all FCA solo-regulated firms. This package of regulatory rules and standards is designed to instill a new culture in UK financial services from the top down and will require a number of important (and often burdensome) changes to compliance and human resources functions.

While many financial services firms will be able to leverage their existing compliance and HR frameworks, all solo-regulated firms will be expected to comply with the more extensive and onerous requirements of SMCR from day one. It is vital that preparations for implementation day are well under way.

Join UK and US lawyers from our employment and investment management teams, at a CLE-accredited webinar, to look at how financial services firms can best prepare for this change to UK operations. This practical session will focus on key elements of SMCR and the pain points experienced by others already subject to the regime, including:

  • New senior management functions and responsibilities
  • The Duty of Responsibility and what it means personally for your senior managers
  • Shifting from the Approved Persons Regime to the more expansive Certification Regime
  • Practical issues and how we can partner with you

CLE credit: CLE credit for 1.0 in CA, IL, and NY and in FL and NJ (via reciprocity) is approved. Credit in PA, TX, and VA is pending approval.