[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering:
- various topics relating to automated trading and direct electronic access. Seehttp://www.esma.europa.eu/sites/default/files/library/2015/11/esma_2012_122_en.pdf; and
- certain aspects of the MiFID suitability requirements which also deal with the system and control aspects of suitability. See http://www.esma.europa.eu/sites/default/files/library/2015/11/2012-387_en.pdf.]
Type of firm
Chapters 2, 3, 11, 12, 18, 213
Chapters 2, 3, 12, 18, 213
Every other firm
Chapters 4 to 12, 18, 19D, 2166244636
6The application of this sourcebook to firms that are not PRA-authorised persons is summarised at a high level in the following table. The detailed application is cut back in SYSC 1 Annex 1 and in the text of each chapter.
Type of firm
Chapter 19B, 21
Chapters 4 to 10, 12, 18, 19C, 21
Chapters 4 to 10, 12, 18, 19A, 21
Provisions made by both the FCA and PRA may contain obligations for or references to FCA-authorised persons. GEN 2.2.23 R limits the application of those provisions so that the PRA will only apply them in respect of PRA-authorised persons and not to such FCA-authorised persons as are included within the provision.
Provisions made by both the FCA and PRA may be applied by both regulators to PRA-authorised persons. Such provisions are applied by each regulator to the extent of its powers and regulatory responsibilities. This general principle also applies where the PRA have made rules in the PRA Rulebook for Solvency II firms which overlap with those in SYSC.5
- (3) 5
In most cases, there is no direct overlap with those provisions because the SYSC requirements are directed at FCA conduct requirements not expressly covered by or under the Solvency II Directive. Where there is a direct overlap with SYSCrules and guidance, the FCA will take the Solvency II Directive derived requirements and guidelines 7into account and will interpret the SYSCrules and guidance in a way that avoids inconsistency.