Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SUP 10C.6 1FCA required functions

Compliance oversight function (SMF16)

SUP 10C.6.1RRP

The compliance oversight function is the function of acting in the capacity of a person3 who is allocated the function in:2

  1. (1)

    SYSC 6.1.4R(2); 3

    2
  2. (2)

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

    2
  3. (3)

    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);3

    2
  4. (4)

    SYSC 6.1.4CR;

    3
  5. (5)

    SYSC 3.2.8R; or4

    3
  6. (6)

    4(for a full-scope UK AIFM) article 61(3)(b) of the AIFMD level 2 regulation.

Money laundering reporting function (SMF17)

SUP 10C.6.2RRP

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

SUP 10C.6.3GRP

[deleted]3

Conduct risk oversight (Lloyd’s) function (SMF23b)

SUP 10C.6.4R

3The conduct risk oversight (Lloyd’s) function is the function of acting in the capacity of a person who is allocated the function in SYSC 3.2.9AR.

Limited scope function (SMF29)

SUP 10C.6.5R

4The limited scope function is the function of acting in the capacity of a person:5

  1. (1)

    responsible for the apportionment function and/or the oversight function set out in SYSC 4.4.5R;5

  2. (2)

    who has the responsibility allocated under MAR 8.5.2R (Responsibility for benchmark activities: regulated benchmark administrators); or5

  3. (3)

    performing the role of the senior manager described in MAR 8.5.4R(2) (Responsibility for benchmark activities: regulated benchmark administrators).5

SUP 10C.6.6G

[deleted]5

4