News

Most British financial firms are prepared to comply with pending rules for senior leaders despite training challenges and questions over how they should assign liability, according to attorneys and bankers. Domestic and foreign financial institutions in the United Kingdom have until Feb. 8 to submit their plans to comply with the Senior Managers Regime (SMR) and Certification Regime (CR) ahead of a March 7 implementation deadline. The rules, which are intended to help regulators identify individual bad actors, require the businesses to map and describe senior-level responsibilities. Under the SMR, institutions must also designate senior executives and non-executive directors, including...