Senior Managers & Certification Regime (SM&CR) for Financial Market Infrastructures (FMIs): consultation
This consultation seeks views on the proposal to create a SM&CR for FMIs and on its proposed design.
The proposed SM&CR for FMIs detailed in this consultation would enhance the accountability of senior managers and improve governance arrangements at these systemically important firms. The proposed regime would closely mirror the existing SM&CR for other parts of the financial services sector and would give the Bank of England, as FMI supervisor, new rule-making, supervisory and enforcement powers analogous to those which the Financial Conduct Authority and Prudential Regulation Authority have in respect of the existing SM&CR. The FMIs covered by the proposal are Central Counterparties (CCPs), Central Securities Depositories (CSDs), payment systems recognised under the Banking Act 2009 (“recognised payment systems”), and specified service providers to these recognised payment systems.