The Senior Managers Regime (SMR) will come into force for benchmark administrators on 7 December 2020. This consultation sets out our proposals for applying the SMR to benchmark administrators that do not carry out any other regulated activities.
Firms that carry out benchmark activities alongside other regulated activities should refer to this page for information on how the Senior Managers and Certification Regime (SM&CR) will apply to them. The SM&CR will apply to these firms from 9 December 2019.
The SMR will come into force for firms that only administer benchmarks on 7 December 2020. This consultation explains how we propose to:
Additionally, after 9 December 2019, the existing Approved Persons Regime will no longer apply to firms authorised under FSMA, and will only apply to Appointed Representatives. The consultation proposes some consequential changes to our rules to make this clear.
This consultation has now closed. We will consider your comments and publish final rules.