FIN.

Category - SMCR & Governance

FCA updates SMCR resources

FCA has updated its checklists for firms preparing for the SMCR.  It has added some text about the submission of Form K. It has also added a section for sole traders to its guidance on conversion from the Approved...

PRA writes to banks on AML risks

PRA has written a Dear CEO letter bringing banks’ attention to EBA’s opinion on the ML/TF risks in prudential supervision, and confirm it will continue to consider these concerns as part of its prudential...

FCA publishes SMCR stocktake report

FCA has published the findings of its review on how the SMCR has been embedded in the banking sector. It hopes banks and solo-regulated firms will find the conclusions of use and interest, although it notes the review...

FCA publishes SMCR final rules

FCA has at last published its final rules on extending the SMCR to solo-regulated firms, including CMCs. It has, in the main, implemented the changes it consulted on in its consultation on “optimising” the...

FCA updates on SMCR final rules

FCA has still not made its final rules on the SMCR.  It cannot do so until Treasury has published the necessary commencement order.  FCA says it has been working with Treasury on this, and has agreed with it a later...

FCA updates SMCR page

FCA has reminded solo-regulated firms that if they want to opt up to the Enhanced firm category, they must submit their Form K (which all Core and Enhanced firms must submit anyway) together with their Form O, by 24...

BoE speaks on “stylish regulation”

Sam Woods has spoken on how UK financial regulation might look post-Brexit. He looked at the 6 principles of an effective regulatory framework and how the SMCR model of legislation can deliver them. robust prudential...

FCA posts video for SMCR help

FCA has arranged for a video to be made by firms that have already implemented the SMCR, sharing their experiences of adopting it.  Contributors share the stories from Virgin Monday, HSBC, State Street and JP Morgan.

ESMA briefs on non-EU branches

ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of...

SMCR optimisation consultation

As the FCA prepares for the extension of SMCR to most solo-regulated firms next December, it is consulting on a few areas regarding the existing regime for banks and large insurers previously  identified as wanting...

Brexit and Immigration Law seminar series

One of the most fundamental ways in which Brexit is likely to affect many businesses, is the impact on immigration law.  This is particularly the case for the financial services and insurance sectors, which have long...