Regulatory Alerts2019-11-28
Added · Updated
PS20/5: Extending the Senior Managers Regime to benchmark administrators: final rules
The Senior Managers Regime and Conduct Rules are extended to UK-authorised benchmark administrators that do not undertake other regulated activities, with the regime coming into force on 7 December 2020. The Certification Regime is excluded for these entities as the Benchmarks Regulation provides equivalent fitness and propriety requirements. Core benchmark administrators must allocate four Governing Senior Management Functions and three Prescribed Responsibilities, while firms demonstrating that the Core regime is unduly burdensome may apply for a waiver to operate under the Limited Scope regime with only SMF29.
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