SYSC 22.4 Drafting the reference: detailed requirements for full scope regulatory reference firms

Drafting the reference: detailed requirements for SMCR firms

SYSC 22.4.1GRP

1SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements) has two purposes:

  1. (1)

    to set out what information an SMCR firm2 should disclose under SYSC 22.2.2R(4); and

  2. (2)

    to provide a template that an SMCR firm2 should use when giving a reference under this chapter.

How to draft the reference

SYSC 22.4.2RRP
  1. (1)

    An SMCR firm2 must use the template in Part One of SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements) when giving a reference under this chapter to another firm (A).

  2. (2)

    A firm may make minor changes to the format of the template in Part One of SYSC 22 Annex 1R when giving a reference under this chapter, provided that the reference includes all the information required by SYSC 22 Annex 1R.

  3. (3)

    This rule applies even if A is not an SMCR firm2.

SYSC 22.4.3GRP
  1. (1)

    SYSC 22.4.2R does not stop an SMCR firm2 including matters in the reference not required by the template in SYSC 22 Annex 1R.

  2. (2)

    An SMCR firm2 may include the material required by the template and additional material in the same document.

  3. (3)

    Any additional material should not alter the scope of any of the questions in the templates.

SYSC 22.4.4GRP

An SMCR firm2 should use the template in SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements) even if the firm asking for the reference does not specifically ask it to.

PRA requirements

SYSC 22.4.5RRP

B may combine in a single reference what the PRA’s rules require and what this chapter requires.