Senior Managers & Certification Regime (SM&CR) for Financial Market Infrastructures (FMIs): consultation
Read the full outcome
Detail of outcome
In July 2021, HM Treasury published the consultation document, ‘Senior Managers & Certification Regime (SM&CR) for Financial Market Infrastructures (FMIs)’, which proposed creating an SM&CR for certain FMIs regulated by the Bank of England. The government received 13 responses to the consultation. This document summarises the responses to the questions set out in the consultation and explains the government’s approach after considering those views.
After having reviewed the evidence provided by stakeholders in response to this consultation, the government believes that creating an SM&CR for FMIs remains a desirable and effective means of achieving its objectives of enhancing the accountability of senior managers and improving governance arrangements at FMIs. The document sets out how the government intends to implement the proposals outlined in the consultation in due course.
Original consultation
Consultation description
The proposed SM&CR for FMIs detailed in this consultation would enhance the accountability of senior managers and improve governance arrangements at these systemically important firms. The proposed regime would closely mirror the existing SM&CR for other parts of the financial services sector and would give the Bank of England, as FMI supervisor, new rule-making, supervisory and enforcement powers analogous to those which the Financial Conduct Authority and Prudential Regulation Authority have in respect of the existing SM&CR. The FMIs covered by the proposal are Central Counterparties (CCPs), Central Securities Depositories (CSDs), payment systems recognised under the Banking Act 2009 (“recognised payment systems”), and specified service providers to these recognised payment systems.
Documents
Updates to this page
Published 20 July 2021Last updated 7 June 2022 + show all updates
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consultation response added
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First published.