FCA Enforcement Director Emphasizes Responsibilities Under Senior Managers Regime

Mark Steward, Director of Enforcement and Market Oversight at the U.K. Financial Conduct Authority (FCA), delivered a speech at the recent Thomson Reuters Annual Compliance & Risk Summit in London. In his remarks, Steward outlined the strategic direction of the FCA and discussed several key initiatives undertaken by the regulator, including the Senior Managers and Certification Regime; the requirement of skill, care and diligence found in the Conduct Rules; enforcement decision-making; and the broad span of work undertaken by the FCA. Steward’s speech provides valuable guidance to hedge fund managers as to the priorities and focus of the FCA, particularly as the regulator imposes increased responsibility for improving firm culture and governance on managers and other financial institutions. For more from Steward’s colleagues at the FCA, see “Focus on Hedge Fund Managers and Market Liquidity May Be Overemphasized, Argues FCA Director” (Mar. 31, 2016); “FCA Acting Chief Calls for Hedge Fund Managers to Take Greater Responsibility for Implementing MiFID II” (Feb. 18, 2016); and “Hedge Fund Managers Must Prepare for Benchmark Regulation” (Feb. 11, 2016).

To read the full article

Continue reading your article with a PELR subscription.