UK:
UK Regulators Consult On Amendments To Forms Under New Senior Managers Regime And Current Approved Persons Regime
30 September 2015
Shearman & Sterling LLP
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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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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