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MiFID Investment Firms: Changes to Non-SMF Directors

MiFID Investment Firms: Changes to Non-SMF Directors

2nd December 2019

When the Senior Managers & Certification Regime is extended to Solo-regulated firms next Monday (9th December 2019) MiFID investment firms and optional exempt firms will need to start utilising a new form to submit information in relation to their Non-SMF Directors.

For example, this might be when appointing a Non-SMF Director or withdrawing them from their management body.

The new form will be available to download from SUP 15 of the FCA Handbook from the 9 December, however, to preview a copy of the new form now, click here.

The new form follow on from consultation on the matter in June with the final rules having been published in Handbook Notice 69 in September 2019.

From 9 December until Q1 of 2020, if a firm’s management body should change, then this new form will need to be downloaded, completed and returned to the FCA via their email This process will be a temporary one until such time this form is setup and able to be submitted electronically via the FCA Connect system.

Any firm that has not yet registered to use the FCA’s online Connect system, should prepare by setting up access now.

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