On 1 July 2015, the Lloyd's Market Association published a guidance paper for managing agents on the UK senior insurance managers' regime which enters into force on 1 January 2016 (once finalised by the PRA/FCA). The paper provides a summary of the possible impact on governance structures and required regulatory approvals. It states that managing agents should consider taking a number of actions including review of existing governance arrangements, assigning prescribed responsibilities to senior insurance management functions, and identifying current approved persons who can be 'grandfathered' (i.e. transitioned) into the new regime.