Definition ∞ The Senior Managers Regime (SMR) is a regulatory framework that assigns specific responsibilities and accountability for the conduct of financial firms to their senior executives. It requires senior managers to have clear oversight of their areas of responsibility and to demonstrate that they have taken reasonable steps to prevent misconduct. This regime aims to improve governance and accountability within financial institutions. It is particularly relevant for firms operating in regulated financial markets.
Context ∞ The context for the Senior Managers Regime often arises when discussing the governance and accountability structures of financial institutions involved with digital assets, especially in jurisdictions like the UK. Discussions focus on how the principles of the SMR apply to crypto firms and the potential for regulatory bodies to extend similar frameworks to the digital asset sector. Key considerations include the definition of “senior manager” and the scope of responsibilities assigned.
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