Shearman & Sterling LLP | FinReg | UK Conduct Regulator Extends Certification and Conduct Rules Implementation Deadlines
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  • UK Conduct Regulator Extends Certification and Conduct Rules Implementation Deadlines
    10/28/2020
    Following its consultation earlier this year, the U.K. Financial Conduct Authority has published its final policy statement and rules to extend certain implementation deadlines for the Certification Regime and Conduct Rules. To assist firms impacted by the COVID-19 pandemic, the U.K. has made legislation—The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020— extending the deadline for completion of firms' first assessments of the fitness and propriety of their Certified Persons from December 9, 2020, to March 31, 2021. This applies only to solo-regulated firms (other than benchmark administrators).

    In addition to extending that date, the FCA has also extended the following deadlines from December 9, 2020, to March 31, 2021:
    • the date the Conduct Rules come into force for staff that are not Senior Managers, Certification Staff or board directors;
    • the date by which relevant employees must receive training on the Conduct Rules; and
    • the deadline for submission of information about Directory Persons to the FS Register.

    The FCA has reiterated that firms that are able to certify staff and submit information for the FS Register before March 31, 2021, should do so.

    View the FCA's policy statement and amended rules.

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