applying-smr-to-fca.pdf

Here are the key points summarized in English:

FCA Senior Managers Regime

• The Financial Conduct Authority (FCA) has a Senior Managers Regime to regulate senior managers of firms.
• The regime includes:
  • Non-SMFs: Non-Senior Manager Functions, which include responsibilities such as policy and rules committee oversight.
  • SMFs: Senior Management Functions, which include responsibilities such as executive governance, financial conduct, and markets regulatory committees.

Committee Structures

• FCA has various committees:
  • Executive Committee: responsible for strategic direction and key decisions.
  • Policy & Rules Committee: responsible for policy and rules.
  • Markets Regulatory Committee: responsible for market regulation.
  • Performance Committee: responsible for performance oversight.
  • Oversight Committee: responsible for overseeing SMFs.

FCA Subsidiary Companies

• The FCA has one wholly-owned subsidiary, the Payment Systems Regulator Limited (PSR).

Maintenance of Responsibilities Map

• The FCA will maintain the Responsibilities Map on an ongoing basis and publish it on its external website.
• The map will be presented to the Executive Committee twice a year and to the Board once a year.

Terms of Reference for the Board and its Committees

• The FCA's Corporate Governance Document, which includes Terms of Reference for FCA Board committees and articles of association, can be found on the FCA website.