FCA Hands Benchmark Cos. Relief From Accountability Rules

Law360, London (November 29, 2019, 3:05 PM GMT) -- The Financial Conduct Authority said on Friday that it will give newly authorized benchmark administrators an extra year to allow them to comply with rules designed to hold senior managers to account, as almost all other regulated businesses prepare to implement the regime in December.

The City watchdog said it will give companies that collect and analyze the data that is used to determine financial benchmarks until December 2020 to follow the Senior Managers and Certification Regime, or SMCR. The benchmarks are standards against which the performance of a security or other product can be measured. Administrators collect and analyze information to...

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