On February 15, 2016, the PRA and FCA jointly published a Policy Statement on the implementation of the SM&CR, Senior Insurance Managers Regime and the requirements of the PRA on regulatory references. The Policy Statement, amongst other things, sets out a first set of PRA rules on the provision of regulatory references by firms under the SM&CR and SIMR, i.e., employment references passed between firms when an individual moves roles. These PRA rules are set out in Appendix 1 of the Policy Statement and will apply from March 7, 2016. The rules are largely a continuation of the existing requirements under the Approved Persons Regime and should be read and applied together with the FCA’s equivalent requirements. The FCA’s Policy Statement was published on February 4, 2016 and sets out the feedback received on the PRA and FCA’s joint consultation on regulatory references. A second set of rules are expected to be published at a later date and will cover the areas on which feedback received by the PRA is still under consideration.

The PRA and FCA’s Policy Statement is available at: http://www.bankofengland.co.uk/pra/Documents/publications/ps/2016/ps516.pdf.

The FCA’s Policy Statement is available at: http://finreg.shearman.com/uk-regulator-extends-the-senior-manager-andcerti.