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Senior managers & certification regime milestones

9 Jul 2019 | 1 minute read

The new Senior Managers & Certification Regime (the SM&CR) comes into force on 9th December this year. There are a number of things that firms need to do and consider before the implementation date. This can seem quite overwhelming, especially with the deadline looming. We have therefore produced a timeline with key monthly milestones which, provided you follow, will ensure that you are ready to go come the 9th December. Each month we will be sharing more detailed information about how to go about implementing each milestone.

Note that these Milestones are focused on the requirements for Limited and Core firms, however in our monthly updates we will signpost when an Enhanced firm is required to consider and think about additional issues.

Milestone 1: Create a Project Teamand ensure Board buy-in

Milestone 2: Map out Senior Managersand allocate responsibilities

Milestone 3: Design certification process andidentify those individuals that will fallwithin the certification regime

Milestone 4: Update internal policies andprocedures, including various HR policies.

Milestone 5: Prepare Conduct Rule training forsenior managers and certified individuals.

Milestone 6: Finalise Statements of Responsibility

Milestone 7: Implementation Month – start planning forpost-implementation/transitional period

Milestone 1: Create a Project Teamand ensure Board buy-in

Milestone 2: Map out Senior Managersand allocate responsibilities

Milestone 3: Design certification process andidentify those individuals that will fallwithin the certification regime

Milestone 4: Update internal policies andprocedures, including various HR policies.

Milestone 5: Prepare Conduct Rule training forsenior managers and certified individuals.

Milestone 6: Finalise Statements of Responsibility

Milestone 7: Implementation Month – start planning forpost-implementation/transitional period

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