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Alternative Market Briefing

UK hedge funds to prepare their senior managers for new regulatory regime

Thursday, February 07, 2019

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Sani Jackson
B. G., Opalesque Geneva:

Sani Jackson, London-based director at Optima Partners, a global regulatory compliance and risk management firm, warns UK-based fund managers of some (non-Brexit related) regulatory issues they cannot ignore this year.

The UK FCA's Senior Managers and Certification Regime (SM&CR) is coming in in December 2019. It could mean a lot of work for asset managers, depending on their size, she tells Opalesque. The regime, which has already started for banks, asks firms to describe the responsibilities of their senior managers and identify who they are. Essentially, senior managers are required to draft statements of responsibility. Then the FCA will authorise and approve them.

"It is similar to what we have today, where certain functions need to be authorised by the regulator," she explains. "But under this new regime, there will be greater focus on senior management and the regulator is prescribing more mandatory functions."

"The reason it matters to the asset management sector is because most hedge funds are not very hierarchical," she continues. "They may not have a separate individuals who hold the functions of chief operating officer or head of compliance distinctly or have a person dedicated to IT risks. What the regu......................

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