Performance of functions relating to financial market infrastructure Proposed Senior Managers & Certification Regime Certification Regime
The Certification Regime applies to employees performing "specified functions", meaning those who are not carrying out senior management functions, but whose roles have been deemed capable of causing significant harm to the firm or its consumers. The Act provides that firms must take reasonable care to ensure that specified functions are only performed by a person if they have a valid certificate issued by the regulated firm. The purpose of the certificate is to confirm that the person is considered to be a "fit and proper" person to carry out the function.
	The Act provides power for the Bank and the FCA to define specific functions within the entity for which a person must be certified by the entity to be "fit and proper" to perform the role. The types of roles that fall in scope of the Certification Regime would be determined by the relevant regulator, following public consultation.