On March 3, 2015, the UK Government published its response following the consultation to extend the Senior Managers and Certification Regime to UK branches of non-UK firms. The response announces that the Senior Managers and Certification Regime will apply from March 7, 2016 and be extended to apply to UK branches of banks and insurers established outside of the UK. On March 4, 2015, related secondary legislation was enacted which implements the extension and other provisions of the regime more generally. Relevant firms will need to notify the PRA and the FCA by February 8, 2016 of the approved persons who are to be senior managers under the new regime. The regulators consulted on proposed rules for the Senior Managers and Certification Regime in 2014 as it applied to UK banks and insurers but have waited to implement final rules pending the decision on whether the regime would be extended to UK branches.
The response document is available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/408143/Regulating_individual_conduct_in_banking_response_document.pdf and the secondary legislation is available at:
http://www.legislation.gov.uk/uksi/2015/492/pdfs/uksi_20150492_en.pdf and
http://www.legislation.gov.uk/uksi/2015/490/pdfs/uksi_20150490_en.pdf .
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