Performance of functions relating to financial market infrastructure Proposed Senior Managers & Certification Regime Senior Managers Regime
The Act sets out a senior managers regime for these entities, which will, in essence, be very similar to the regime that already applies to banks, insurers and other authorised persons. It will place obligations on firms as well as the people who carry out senior management functions. The firm must ensure that senior management functions are only carried out by people who have been approved by the relevant regulator, and individuals have an obligation not to perform senior management functions without approval.
	The Act also provides powers for the Bank and the FCA to make rules and directions relating to a number of elements of the regime, including:
specifying which functions are to be considered "designated senior management functions", and therefore require approval;
the form in which applicants may be required to submit and verify information; and
defining the types of characteristics, qualifications and competencies that the entity must consider before making an application.