FCA has published a policy statement setting out its final position on making consequential changes relating to the SMR reflecting Treasury’s removal of the FSMA requirement for firms to report known and suspected breaches of FCA conduct rules to the regulator. These changes follow consultation (see FReD 15 January). The statement summarises the feedback received and confirms the final policy and forms. After 7 March, firms should use only the versions of forms included in this statement. The statement also finalises some minor technical amendments dealing with how the SYSC module of FCA’s Handbook applies to foreign branches. PRA has also published its statement containing its final rules on the notification of conduct rules breaches for individuals in scope of the SMR for UK banks, building societies, credit unions and PRA-designated investment firms. It also sets out the amended definition of the term “significant risk taker” in PRA’s certification rules as proposed in a previous occasional consultation paper (see FReD 21 August 2015). The concept of a significant risk taker is now limited to employees of CRR firms. (Source: FCA makes consequential SMR changes and PRA amends SMR and significant risk taker definition)