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

SYSC 1.3 Application of the common platform requirements

Who?

SYSC 1.3.1R

1The common platform requirements apply to a common platform firm unless provided otherwise in a specific rule.

SYSC 1.3.1AG

1[deleted]1

1
SYSC 1.3.1BG

What?

SYSC 1.3.2R

1The common platform organisational requirements apply with respect to the carrying on of the following (unless provided otherwise within a specific rule):

  1. (1)

    regulated activities;

  2. (2)

    activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc);

    2
  3. (3)

    ancillary activities; and2

  4. (4)

    in relation to MiFID business, ancillary services.2

SYSC 1.3.3G

1The application of the provisions on the conflicts of interest in SYSC 10 is set out in SYSC 10.1.1 R and SYSC 10.2.1 R.

SYSC 1.3.4R

11The provisions on record-keeping in SYSC 9 apply as set out in SYSC 1.3.2 R, except that they only apply to the carrying on of ancillary activities that are performed in relation to:

1
  1. (1)

    designated investment business;

  2. (2)

    home finance activity; and

  3. (3)

    insurance mediation activity.

SYSC 1.3.5R

1The common platform requirements on financial crime apply as set out in SYSC 1.3.2 R, except that they do not apply:

  1. (1)

    with respect to:

    1. (a)

      activities that constitute dealing in investments as principal, disregarding the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc); and

    2. (b)

      ancillary activities; or

  2. (2)

    in relation to the following regulated activities:

    1. (a)

      general insurance business;

    2. (b)

      insurance mediation activity in relation to a general insurance contract or pure protection contract;

    3. (c)

      long-term insurance business which is outside the Consolidated Life Directive (unless it is otherwise one of the regulated activities specified in this rule);

    4. (d)

      business relating to contracts which are within the Regulated Activities Order only because they fall within paragraph (e) of the definition of "contract of insurance" in article 3 of that Order;

    5. (e)
      1. (i)

        arranging by the Society of Lloyd's of deals in general insurance contracts written at Lloyd's; and

      2. (ii)

        managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's; and

    6. (f)

      home finance mediation activity and administering a home finance transaction.

SYSC 1.3.6R

1The common platform organisational requirements, except the common platform requirements on financial crime, also apply with respect to the communication and approval of financial promotions which:

  1. (1)

    if communicated by an unauthorised person without approval would contravene section 21(1) of the Act (Restrictions on financial promotion); and

  2. (2)

    may be communicated by a firm without contravening section 238(1) of the Act (Restrictions on promotion of collective investment schemes).

SYSC 1.3.7R

1The common platform organisational requirements, except the common platform requirements on financial crime, also:

  1. (1)

    apply with respect to the carrying on of unregulated activities in a prudential context; and

  2. (2)

    take into account any activity of other members of a group of which the firm is a member.

SYSC 1.3.8G

1SYSC 1.3.7R (2) does not mean that inadequacy of a group member's systems and controls will automatically lead to a firm contravening any of the common platform organisational requirements. Rather, the potential impact of a group member's activities, including its systems and controls, and any systems and controls that operate on a group basis, will be relevant in determining the appropriateness of the firm's own systems and controls.

Where?

SYSC 1.3.9R

1The common platform requirements, except the common platform record-keeping requirements,2 apply to a common platform firm in relation to activities carried on by it from an establishment in the United Kingdom.

SYSC 1.3.10AR

2The common platform record-keeping requirements apply to activities carried on by:

  1. (1)

    a common platform firm; or

  2. (2)

    an EEA MiFID investment firm;

from an establishment maintained in the United Kingdom, unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case the common platform record-keeping requirements apply with that wider scope in relation to the activity described in that rule.

[Note: article 13(9) of MiFID]

SYSC 1.3.11R

1The common platform organisational requirements, except the common platform requirements on financial crime, also apply in a prudential context to a UK domestic firm with respect to activities wherever they are carried on.

Actions for damages

SYSC 1.3.12R

1A contravention of a rule in the common platform requirements does not give rise to a right of action by a private person under section 150 of the Act (and each of those rules is specified under section 150(2) of the Act as a provision giving rise to no such right of action).