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New FCA Regime Will Emphasize Individual Accountability

Law360 (June 14, 2019, 1:49 PM EDT) -- From Dec. 9, 2019, all Financial Conduct Authority solo-regulated firms, as well as European Economic Area and third-country branches will be subject to the Senior Managers and Certification Regime which will replace the current FCA Approved Persons Regime.

The SMCR has applied to banks, credit unions, building societies and dual-regulated investment businesses since March 2016 and in December will be extended to all remaining FC-authorized firms. It establishes a clear road map for enforcement action (potentially significant fines and other actions) against individuals through the introduction of increased administrative and regulatory requirements that firms are well advised to stay on top...

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