In this policy statement, we follow up on the feedback we provided earlier this year in Feedback Statement FS15/3 (Strengthening accountability in banking: UK branches of foreign banks – Feedback on ***FCA CP15/10 / PRA CP9/15) and publish final rules.
This Policy Statement follows our joint consultation in March 2015 with the Prudential Regulation Authority, and our Feedback Statement in August 2015. The Feedback Statement included near-final rules for the Senior Managers Regime, Certification Regime and Conduct Rules for incoming branches. We published near-final rules to help incoming branches prepare for the start of the new regime in March 2016. We were unable to publish final rules as we had to wait for HM Treasury legislation that formally extends the regime to incoming branches. This legislation has now come into force allowing us to finalise our rules.
We have been keen to understand and respond to feedback from the affected firms in designing the regime for incoming branches. As a result, in making our final rules we have made some changes to the near-final rules we published last August. This Policy Statement sets out what these are and the reasons for the changes.
The Prudential Regulation Authority are also finalising their rules for incoming branches in a separate publication (PS29/15: Strengthening individual accountability in banking: UK branches of non-EEA banks).
This policy statement will be relevant to:
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