Regulatory Developments - June 17, 2015

SENIOR MANAGERS REGIME

The FCA and the PRA have published further material in relation to the implementation of the new provisions relating to individual accountability in banking, including the Senior Managers regime, the certification regime, and the conduct rules. The initial consultation paper was published by both regulators in July 2014, with a further consultation in relation to forms and transitional provisions in December 2014.

In the first half of this year, the FCA and the PRA have published:

Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms

FCA CP15/5 and PRA CP7/15, February 2015