In April, ACC submitted comments on a United Kingdom Financial Conduct Authority (FCA) consultation paper on optimizing the Senior Managers & Certification Regime and the legal function. ACC had submitted comments in January 2017 arguing that the head of legal function should not be included in the Senior Managers Regime (SMR) due to the unique position of in-house counsel in ensuring corporate compliance. In its most recent comments, ACC notes the FCA’s proposal to exclude the head of legal from the SMR is appropriate but cautions against subjecting in-house counsel to regulations aimed at other Senior Managers within financial institutions. ACC further requests greater clarity regarding the protection of legal professional privilege under the SMR.
Click here to read ACC’s letter.