1A person performs the EEA branch senior manager function in relation to the branch in the United Kingdom of an EEA SMCR firm if that person has significant responsibility for one or more significant business units of the branch that carry on any of the activities listed in (2).
The activities listed in this paragraph are:
processing confirmations, payments, settlements, insurance claims, client money and similar matters, in so far as this relates to designated investment business;
activities that are subject to CASS.
the firm was entitled to carry them on in the United Kingdom immediately before IP completion day by virtue of section 31(1)(b) or (c) of the Act as it was in force immediately before IP completion day.2
For the purposes of this rule, “passported activities” of an EEA SMCR firm also mean regulated activities that were subject to an EEA right applicable to the category of firm into which the EEA SMCR firm falls and which the firm is entitled to carry on in its Home State. For these purposes EEA right has the meaning that it did in Schedule 3 of the Act as it was in force immediately before IP completion day and Home State has the meaning that it did in the Glossary as it was in force immediately before IP completion day.2
1The definition of the EEA branch senior manager function (SMF21) is similar to that of the significant management FCA certification function under SYSC 27.8.4R. However, only the former is an FCA-designated senior management function.
The main differences are:
1When considering whether a business unit is significant for the purposes of SUP 10C.8A.2R, the firm should take into account all relevant factors in the light of the firm’s current circumstances and its plans for the future, including:
the risk profile of that unit;
its use or commitment of the firm’s capital;
its contribution to the profit and loss account;
the number of customers; and
any other factor which makes the unit significant to the conduct of the branch’s affairs.