FCA has issued a consultation on a number of technical rule changes to the Senior Managers & Certification Regime (SMR). The proposed changes reflect Treasury’s decision to remove the requirement on firms to report known and suspected breaches of FCA Rules of Conduct to the regulator.  FCA stresses that the overarching requirement to report material rule breaches will still apply. PRA has also issued a consultation proposing a series of minor, interim amendments to Forms C, D and L and the Notifications Part in the Rulebook to reflect these changes. The SMR will enter into force for relevant authorised persons on 7 March. Consultation on FCA’s proposals closes on 5 February and PRA’s on 8 February. PRA has also published an updated version of its supervisory statement on this topic. (Source: FCA Consults on Consequential Changes to the SMR and PRA Consults on Individual Accountability in Banking)