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Status: You are viewing the version of the handbook as on 2009-03-31.

SUP 10.7 Required functions

Apportionment and oversight function (CF8)

SUP 10.7.1R

The apportionment and oversight function is the function of acting in the capacity of a director or senior manager responsible for either or both of the apportionment function and the oversight function set out in SYSC 2.1.3 R.

SUP 10.7.2G

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SUP 10.7.2AG

11In requiring someone to apportion responsibility, a common platform firm should not apply for that person or persons to be approved to perform the apportionment and oversight function (see SUP 10.7.1 R, SYSC 2.1.3 R and SYSC 1.1.3 R (5)).

SUP 10.7.3G

The fact that there is a person performing the apportionment and oversight function, and who has responsibility for activities subject to regulation by the FSA, may have a bearing on whether a manager who is based overseas will be performing a controlled function. It is a factor to take into account when assessing the likely influence of the overseas manager.

SUP 10.7.4G

Generally, in relation to a UK establishment of an overseas firm or a firm which is part of an overseas group, where an overseas manager's responsibilities in relation to the United Kingdom are strategic only, he will not need to be an approved person. However, where, in accordance with SYSC 3 or SYSC 4 to SYSC 1012, he is responsible for implementing that strategy in the United Kingdom, and has not delegated that responsibility to a senior manager in the United Kingdom, he is likely to be performing a controlled function, such as, for example, the chief executive function. This is subject to SUP 10.1.13A R, which applies where the firm is a MiFID investment firm and the only regulated activities carried out by it in the United Kingdom are MiFID business.12

SUP 10.7.4AG

4912A firm carrying on insurance mediation activity13, other than a sole trader, must allocate to a director or senior manager the responsibility for the firm's insurance mediation activity (MIPRU 2.2.1 R)13.912 MIPRU 2.2.2 R (2)912 provides that the firm may allocate this responsibility to the person performing the apportionment and oversight function.

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SUP 10.7.4BG

4Where the person performing the apportionment and oversight function is also responsible for the firm's insurance mediation activity, the words "(insurance mediation)" will be inserted after this controlled function (see 912MIPRU 2.2.5 G912).

SUP 10.7.5G

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EEA investment business oversight function (CF9)

SUP 10.7.6R

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SUP 10.7.7G

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Compliance oversight function (CF10)

SUP 10.7.8R

The compliance oversight function is the function of acting in the capacity of a director or senior manager who is allocated the function set out in SYSC 3.2.8 R or SYSC 6.1.4 R (2)12.

SUP 10.7.9G

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SUP 10.7.10G

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SUP 10.7.11G

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SUP 10.7.12G

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Money laundering reporting function (CF11)

SUP 10.7.13R

The money laundering reporting function is the function of acting in the capacity of the money laundering reporting officer of a firm.

SUP 10.7.13AG

8A firm's obligations in respect of its money laundering reporting officer are set out elsewhere in the Handbook (see SYSC 3.2.6I R and SYSC 6.3.9 R and for their scope, see the application provisions in SYSC 1.1 and SYSC 1.3).14

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SUP 10.7.13BG

12A firm's obligations in respect of its money laundering reporting officer are set out in SYSC 3.2.6I R and SYSC 6.

SUP 10.7.14G

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SUP 10.7.15G

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SUP 10.7.16G

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7Actuarial7 function (CF12) and with-profits actuary function (CF12A)7

SUP 10.7.17R

The actuarial function is7 the function of acting in the capacity of an 7actuary appointed by a firm under SUP 4.3.1 R to perform the duties set out inSUP 4.3.13 R.7.

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SUP 10.7.17AR

The with-profits actuary function is the function of acting in capacity of an actuary appointed by a firm under SUP 4.3.1 R to perform the duties set out in SUP 4.3.16A R.

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SUP 10.7.18G
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SUP 10.7.19G

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SUP 10.7.20G

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SUP 10.7.21G

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5Lloyd's actuary function (CF12B)

SUP 10.7.22R

5The Lloyd's actuary function12 is the function of acting in the capacity of the actuary appointed under SUP 4.6.1 R to perform the duties set out in SUP 4.6.7 R.

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SUP 10.7.23G

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