The Senior Managers and Certification Regime (SMCR) will affect all U.S. firms with a Financial Conduct Authority-regulated firm within their group (and/or those with FCA-regulated portfolio companies).
Senior individuals within these groups could fall within the scope of this regime, even if they are located outside the U.K. They may face significant personal enforcement consequences for breaches of regulatory requirements by firms.
As the implementation date in December 2019 draws nearer, the final details of rules are being published and the U.K. regulators are releasing details of the approaches they will take when applying the new regime.
Please access our pre-recorded webinar to hear from Ropes & Gray’s U.K. and U.S. legal experts on:
- How the regime may impact your firm
- The broad jurisdictional reach of the SMCR and the extent to which U.S.-based individuals will be in scope
- How to prepare and implement the SMCR requirements
- Practical steps for U.S. senior personnel
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