FCA consults on Gibraltar and SMCR Handbook changes

FCA’s latest quarterly consultation:

  • proposes changes that will essentially apply the current rules for Gibraltar firms past October in the event of a hard Brexit.  The status quo on rule application and fees will apply until December 2020, such that, for instance, Gibraltar firms will not have to register for the TPR;
  • proposes amendments that will allow continued compliance with the MiFID 2 and CRD requirements on notification to regulators of members of the management body once SMCR has taken effect. The changes are needed as, for example, NEDs will still require to be notified under the relevant Directives even where they are not SMF holders;
  • proposes changes to the SOR form under the SMCR to make it consistent with working in the relevant FCA and PRA rules, and to change the wording of prescribed responsibility R on recovery and resolution in line with PRA’s current consultation which proposes to ensure that the senior manager with the PR for recovery plans and resolution packs has an additional equivalent responsibility for resolution assessments; and
  • proposes to update the waiver application form.

Consultation on both FCA and PRA’s consultations closes on 7 August.


Emma Radmore