On March 7, the Senior Managers Regime (SMR) went into effect for UK-based banks and insurers, replacing the existing UK-approved person rules for all senior managers within scope at relevant firms. Other firms regulated by the Financial Conduct Authority (FCA) will be brought into scope in 2018.
To show their commitment to the SMR going into effect, the FCA, the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have each applied the core principles of the SMR to their own senior staff.
Details on the FCA’s application of the SMR can be found here.
Details on the PRA’s application of the SMR can be found here.
Details on the PSR’s application of the SMR can be found here.
Source: Katten Muchin Rosenman LLP