The Senior Managers Regime: New Rules to Apply to Hedge Funds and Asset Managers

In his keynote Mansion House speech on 10 June 2015, Bank of England Governor Mark Carney confirmed that key elements of the new Senior Managers Regime (SMR) will be extended to all firms active in the fixed income, currency and commodity markets. Additional details and an outline of the SMR Regime can be found in Dechert’s February 2015 OnPoint “New Senior Managers Regime Heading in the Direction of Banks, Insurers, Fund Managers, Investment Funds, Asset Managers and Other Participants in the UK Financial Services Sector”.

In terms of timing, the banking sector will need to be compliant with the SMR by 7 March 2016. The date for compliance by the wider sector is yet to be announced.