Treasury has published details of its proposals to extend the Senior Manager Regime (SMR) to all authorised firms, apart from insurers who are subject to the Senior Insurance Managers Regime (SIMR). The regime will replace the approved persons regime. Treasury says it will apply the regime proportionately, and expects the main benefits to be a significant reduction in the number of applications for regulatory approval. The paper includes statistics on the likely number of senior managers and certified staff in relevant firms, and proposes to implement the new regime in 2018. The paper also includes detail of some changes Treasury is making to current and proposed rules on senior managers and approved persons. (Source: Treasury Gives SMR Extension Details)