By Dr. Barbara GeckCarl Richards, Tamasin Little King & Wood Mallesons

The private equity and venture capital industry has had to adapt to a changing regulatory landscape over the past few years, and for UK regulated fund managers there is another change on the horizon. The Senior Managers & Certification Regime (“SM&CR”) is a new UK framework for individuals that currently affects UK banks and large investment firms, but is set to be extended across all entities authorised by the Financial Conduct Authority or the Prudential Regulatory Authority – which will include UK private equity and venture capital firms.  It is intended to replace the current “Approved Persons Regime” and is expected to come into force in 2018, with consultation due to begin early next year.

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