Consultation outcome

Senior Managers & Certification Regime (SM&CR) for Financial Market Infrastructures (FMIs): consultation

This was published under the 2019 to 2022 Johnson Conservative government
This consultation has concluded

Read the full outcome

Consultation Response

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

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

Summary

This consultation seeks views on the proposal to create a SM&CR for FMIs and on its proposed design.

This consultation ran from
to

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

Senior Managers & Certification Regime: Financial Market Infrastructures

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Updates to this page

Published 20 July 2021
Last updated 7 June 2022 + show all updates
  1. consultation response added

  2. First published.

Sign up for emails or print this page