Clarification of the interaction between the PRA’s and FCA’s proposals for the SM&CR

On 7 January 2019, the PRA issued a note which contains FAQs which seek to clarify the interaction between its proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime (TPR) and the FCA’s equivalent proposals. The FAQs cover the following questions: How does the SM&CR currently apply to EEA and third country branches respectively? How do the PRA and FCA propose to apply the SM&CR to EEA branches which enter into the TPR? What will be the process for obtaining deemed TPR approval for PRA senior management functions (SMFs)? Why do the PRA and FCA have different proposals for applying the SM&CR to firms in the TPR? How will the PRA’s and FCA’s proposals for applying the SM&CR to firms in the TPR interact in practice? In particular, where an individual holds concurrent, temporary approvals as a FCA SMF21 and a PRA SMF19? Would an EEA London branch have to maintain two sets of…

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