Mon, Sep 16, 2019

Mark Turner Talks to HFM Compliance About Accountability

Mark Turner, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to HFM Compliance about the upcoming implementation of the Senior Mangers and Certification Regime (SM&CR) and how some hedge fund managers in London are still not ready for the December 9 go-live date. 

Under the Senior Manager aspect of the regime, firms are required to set down their senior management function, alongside a statement and duty of responsibilities, and must also conduct criminal record checks and build files for regulatory references. Staff who aren’t senior managers will also require approval under the Certification Regime if their jobs potentially impact customers, the firm and/or market integrity. Firms have 12 months from December 9 to ensure all such staff are brought into the fold.

“A number of firms are going through the certification process earlier rather than choosing to wait a full year as permitted under the regime. This seems a sensible approach – if a firm is concerned about certifying someone then it’s probably best to have that conversation earlier,” Mark said.

The full article is available to subscribers here.