SYSC 1.1A Application
[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. See
http://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.]
1The application of this sourcebook 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 | Applicable chapters |
Chapters 2, 3, 11 to 18, 213 | |
Chapters 2, 3, 11, 12, 18, 213 | |
Chapters 2, 3, 12, 18, 213 | |
Every other firm | Chapters 4 to 12, 18, 19A4, 213 24 |
21The provisions in SYSC should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular:
- (1)
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.
- (2)
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.