The FCA has recently published a consultation paper proposing a general approach to supervising and enforcing the Senior Managers & Certification Regime (SM&CR) rules for authorised firms’ unregulated activities, including those covered by industry-written codes of conduct. The FCA intends to require firms and their senior management to consider industry codes of conduct when determining the SM&CR ’proper standard of market conduct’, including where there is no framework of rules. In the consultation The FCA further proposes that some particular industry codes be publicly recognised according to a specific set of criteria. In this consultation, the FCA also seeks the market participants’ opinion regarding the recognition process of industry codes. The consultation runs until February 5^th 2018, if you wish to participate in a response, please contact Marie-Adelaide de Nicolay.