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Status: You are viewing the version of the handbook as on 2019-12-18.

SYSC 25.6 Management responsibilities maps: Material only relevant to EEA SMCR firms

Application

R

1This section applies to an EEA SMCR firm.

Purpose

SYSC 25.6.2G
  1. (1)

    1The management responsibilities map is an important support to the FCA’s functions as Host State competent authority.

  2. (2)

    Having requirements and powers that apply directly to individuals helps to make the requirements on firms that the FCA is required or entitled to impose as Host State competent authority more effective.

  3. (3)

    As explained in SYSC 25.1.6G (Purpose), the management responsibilities map also helps the FCA to operate its powers and requirements for individuals.

  4. (4)

    By helping the FCA to better understand how the branch is structured, the management responsibilities map also helps the FCA to carry out more effective supervision of conduct of business, money laundering and other Host State responsibilities.

SYSC 25.6.3G

1This chapter is not intended to extend the application of the common platform requirements or other parts of SYSC to matters which are reserved by an EU instrument to the firm’s Home State regulator in relation to EEA SMCR firms.

FCA-prescribed senior management responsibilities

SYSC 25.6.4G

1SYSC 25.2.3R (Specific requirements) requires a management responsibilities map to cover the allocation of FCA-prescribed senior management responsibilities. This is not relevant to an EEA SMCR firm as FCA-prescribed senior management responsibilities do not apply to it.

Leaving out information already supplied

SYSC 25.6.5R

1An EEA SMCR firm may exclude from its management responsibilities map:

  1. (1)

    any information contained in its requisite details;

  2. (2)

    any information contained in any notice of changes to its requisite details under the EEA Passport Rights Regulations; and

  3. (3)

    any other information that has been supplied by the firm to the FCA or the PRA (including through the firm’s Home State competent authority) if:

    1. (a)

      that information was supplied to the FCA or the PRA as a Host State competent authority; and

    2. (b)

      the Single Market Directives or any other EU legislation provides for the supply of that information to the FCA or the PRA as described in (a).

SYSC 25.6.6G

1Information contained in SYSC 25.6.5R(1) and (2) covers:

  1. (1)

    details about the branch contained in the notice given by the firm’s Home State competent authority as part of the process for establishing the branch in the United Kingdom; and

  2. (2)

    any updates to that information under the EEA Passport Rights Regulations.

SYSC 25.6.7G

1The management responsibilities map of an EEA SMCR firm may therefore consist of information:

  1. (1)

    that has changed since its requisite details were supplied or were last changed; or

  2. (2)

    that is not covered in the firm’s Home State competent authority’s passport notification.

SYSC 25.6.8G

1The FCA expects that an EEA SMCR firm that excludes information from its management responsibilities map under SYSC 25.6.5R will identify in its management responsibilities map the documents supplied to the FCA or the PRA where the omitted information can be found.

SYSC 25.6.9G

1In practice an EEA SMCR firm may find it easier to prepare its management responsibilities map without omitting any information under SYSC 25.6.5R so that all the information referred to in SYSC 25.2 (Management responsibilities maps: Main rules) can be found in a single integrated document.

SYSC 25.6.10G

1SYSC 25.4 (Guidance about what should be in a management responsibilities map) does not take into account the right of a firm to omit information under SYSC 25.6.5R. It assumes that the firm will prepare a single document under SYSC 25.6.9G. However SYSC 25.4 is not intended to take away the right to omit information under SYSC 25.6.5R.