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On September 18, 2015, the FCA and PRA published a joint consultation paper on proposed changes to certain forms used by firms and individuals under the incoming Senior Managers Regime and current Approved Persons Regime. The consultation seeks views on proposed changes to two forms for the new SMR and two forms for the current APR regime. The proposed changes would modify the required disclosures required by individuals relating to ongoing investigations and past convictions, according to whether the individual will be a senior manager under the SMR or an approved person under the APR and allow the regulators to assess fitness and propriety appropriately. Other forms for which the regulators have no duty to consult on have also been amended with immediate effect, including Long Form A forms and Notifications for Change in Controller. Comments are due by October 19, 2015. The regulators intend to publish the revised forms before the end of 2015 and guidance notes on completing the forms for the Senior Managers Regime are also expected.
The consultation paper is available at: http://www.fca.org.uk/static/fca/documents/consultation-papers/cp15-29.pdf.
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