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9 The UK’s Senior Managers, Certification and Conduct Regime

Charlotte Henry

From: Brexit and Financial Regulation

Edited By: Jonathan Herbst, Simon Lovegrove

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 31 March 2023

Capital markets — Conduct of business regulation

The SMCR regime was first introduced in the UK for banks in March 2016 and is being rolled out to all other financial services firms with effect from 9 December 2019. This chapter focuses primarily on financial services firms that are banks covering the different layers of complexity that a no-deal Brexit will bring to the SMCR requirements. In particular, the chapter covers the difficult position firms may find themselves in when opting into the TPR where the PRA and FCA have adopted different approaches. When entering the TPR, these firms will need to implement a hybrid SMCR regime and implement the regime for third country bank branches on leaving the TPR. In addition, the chapter covers the key issues of responsibility for cross-border business into the UK, dual-hatting, outsourcing and enforcement issues against non-UK senior managers.

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