The latest compliance issues in wealth management around the world.

Clifford Chance
International law firm Clifford Chance has launched SMCR Manager, a digital tool that helps firms comply with the Senior Managers and Certification regime, a sweeping set of rules designed to make company bosses more accountable and reduce abuses.

SMCR Manager is the first product to be launched from Clifford Chance Applied Solutions, the home for the firm's expanding range of digital products which was founded in July 2018.

The new regime takes force in December this year as it applies to brokers, financial advisors, private equity firms, fund and investment managers. The rules replace the Approved Persons Regime.

The new offering will enable senior managers to check if companies fall within the scope of the SMCR, identify whether they are considered “enhanced” or 'core' firms and work through SMCR requirements with built-in tailored guidance. It can also assign senior manager functions while identifying and maintaining a register of certified persons.

“Becoming - let alone staying - compliant is a huge challenge. Increased regulation and regional variations make it complex, time consuming and arduous to tackle using traditional, labour-intensive approaches,” Jeroen Pink, chief executive of Clifford Chance Applied Solutions, said.