HM Treasury Consults on Extending SMCR to FMI
It is little over six months since the phased roll-out of Senior Managers and Certification Regime (SMCR) reached a climax-of-sorts, with the introduction of the regime for benchmark administrators. The scope of the landmark regime – which is part of the UK regulators’ drive to improve culture, governance and accountability – is, however, set to be further extended, with HM Treasury having launched a consultation on applying the SMCR to financial market infrastructures (FMIs). The consultation proposes a regime for the following Bank of England-supervised entities: central counterparties (CCPs); central securities depositories (CSDs); and recognised payment systems and specified service…