Law360, London (December 20, 2019, 5:55 PM GMT) -- The expansion of rules making senior managers personally liable for their subordinates' misconduct dominated the U.K.’s regulatory landscape in 2019, while continuing confusion over Brexit and the oversight of cryptocurrencies also loomed for financial firms and their lawyers.
The widening net of the senior managers and certification regime prompted company boards to discuss legal implications and how to respond to regulators. The Financial Conduct Authority meanwhile has turned up the heat, finding in August that firms were still struggling to identify conduct breaches and set training programs.
“This has been a watershed year for SMCR,” said Lorraine Johnston, of counsel at Ashurst...
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