SUP 10A.7 FCA required functions

Apportionment and oversight function (CF8)

SUP 10A.7.1RRP
  1. (1)

    The apportionment and oversight function is the function of acting in the capacity of a director or senior manager responsible for 4the apportionment function and/or4 the oversight function set out in 9SYSC 4.4.5R.4

  2. (2)

    [deleted]9

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SUP 10A.7.2GRP

In requiring someone to apportion responsibility, a common platform firm should 4not9 apply for that person or persons to be FCA-approved to perform the apportionment and oversight function (see SUP 10A.7.1 R9 and SYSC 1 Annex 1).

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SUP 10A.7.3GRP

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

SUP 10A.7.4GRP

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, they9 will not need to be an FCA-approved person. However, where, in accordance with 9SYSC 4 to SYSC 10, they are9 responsible for implementing that strategy in the United Kingdom, and have9 not delegated that responsibility to a senior manager in the United Kingdom, they are9 likely to be performing an FCA controlled function for example, the chief executive function9.

SUP 10A.7.5GRP

A firm carrying on insurance distribution activity7, other than a sole trader, must allocate to a director or senior manager the responsibility for the firm's insurance distribution activity7 (MIPRU 2.2.1 R). The9 firm may allocate this responsibility to the person performing the apportionment and oversight function.

SUP 10A.7.6GRP

Where the person performing the apportionment and oversight function is also responsible for the firm's insurance distribution activity7, the words “(insurance distribution7)” will be inserted after this FCA controlled function (see MIPRU 2.2.5 G).

SUP 10A.7.7GRP

[deleted]9

Compliance oversight function (CF10)

SUP 10A.7.8RRP

The compliance oversight function is the function of acting in the capacity of:2

  1. (1)

    a director or senior manager who is allocated the function set out in:6

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    1. (a)

      [deleted]9

      6
    2. (b)

      SYSC 6.1.4R(2); or6

    3. (c)

      article 22(3) of the MiFID Org Regulation; or6

    4. (d)

      article 22(3) of the MiFID Org Regulation (as applied in accordance with SYSC 1 Annex 1 2.8AR, SYSC 1 Annex 1 3.2-AR, SYSC 1 Annex 1 3.2-BR, SYSC 1 Annex 1 3.2CR and SYSC 1 Annex 1 3.3R); or6

    5. (e)

      SYSC 6.1.4CR; or6

  2. (2)

    for a full-scope UK AIFM, a person allocated the function in article 61(3)(b) of the AIFMD level 2 regulation.2

CASS operational oversight function (CF10a)

SUP 10A.7.9RRP

In relation to a CASS medium firm and a CASS large firm (other than a CASS large debt management firm)3, the CASS operational oversight function is the function of acting in the capacity of a person to whom is allocated the function set out in CASS 1A.3.1A R.

SUP 10A.7.9ARRP

In relation to a CASS large debt management firm, the CASS operational oversight function is the function of acting in the capacity of a person to whom is allocated the function in CASS 11.3.4 R.

Money laundering reporting function (CF11)

SUP 10A.7.10RRP

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

SUP 10A.7.11GRP

A firm's obligations in respect of its money laundering reporting officer are set out elsewhere in the FCA Handbook9 (see 9SYSC 6.3.9 R and for its9 scope, see the application provisions in SYSC 1 Annex 1).

SUP 10A.7.12RRP

[deleted]8

1
SUP 10A.7.13RRP

[deleted]8

1
SUP 10A.7.14RRP

[deleted]9

4